QUESTION 9 Consolidation worksheet for financial year ended 30 June 2021 Joey Chandler Adjustments Consolidated Ltd Ltd Debit Ref Credit Entity $'000 $'000 $'000 $'000 $'000 Sales revenue 4,360 1,570 500 f 5,430 Less cost of goods sold Opening inventories 375 256 i 30 601 Add purchases 3,080 1,104 f 500 3,684 Less closing inventories 425 279 40 g 664 Cost of goods sold 3,030 1,081 ? Gross profit 1,330 489 ? Dividend revenue 70 0 70 j Management fee revenue 25 0 25 d Interest revenue 0 15 15 e Depreciation expense 245 187 I 20 412 Finance costs 105 98 e 15 188 Other expenses 325 79 20 c/d 25 399 Profit before tax 750 140 ? Tax expense 265 45 15.00 i/g/l 12.00 313 Profit after tax for the year 485 95 Retained earnings 1 July 2020 849 394 233 b/i/l 64 1,074 Dividends paid (53) (28) j 28 (53) Dividends declared (107) (42) j 42 (107) Retained earnings 30 June 1,174 419 1,411 2021 Issued capital 750 400 400 b 750 Revaluation surplus 190 0 190 Fair value adjustment 84 b/a 84 Shareholders' equity 2,114 819 ? Assets