- Reporting currency on AUD

Task Details: Consolidated financial statements from worksheet with adjustment entries for inventories, PPE, and dividends Jonathan Ltd acquired all the issued shares (ex-div.) of Thomas Ltd on 1 July 2020 for $246000. At this date the equity of Thomas Ltd consisted of: At the acquisition date all the identifiable assets and liabilities of Thomas Ltd consisted of: The inventories were all sold by 30 June 2020. The land was sold on 1 February 2021 for $150000. The plant was considered to have a further 5-year life. The plant was sold for $155000 on 1 January 2022. Also, at acquisition date Thomas Ltd had recorded a dividend payable of $7000 and goodwill (net of accumulated impairment losses of $13000 ) of $5000. Thomas Ltd had not recorded some internally generated brands that Jonathan Ltd considered to have a fair value of $12000. The brand was considered to have an indefinite life. Also not recorded by Thomas Ltd was a contingent liability relating to a current court case in which Thomas Ltd was involved and a supplier was seeking compensation. Jonathan Ltd placed a fair value of $15000 on this liability. This court case was settled in May 2022 at which time Thomas Ltd was required to pay damages of $16000. In February 2021, Thomas Lid transferred $20000 from the general reserve on hand at 1 July 2020 to retained eamings. A further $15000 was transferted in February 2022. Both companies have an equity account entitied Other components of equity' to which certain gains and losses from financial assets are taken. At 1 July 2021, the balances of these accounts were $30000 (Jonathan Ltd) and \$15000 (Thomas Ltd). The financial statements of the two companies at 30 June 2022 contained the following information: Required 1. Caiculate acquisition analysis as at 1 July 2020 2. Prepare the consolidation joumal entries for 30 June 2022 3. Complete the consolldated worksheat for 30 June 2022 4. Prepare the consolidated financial statements at 30 June 2022 5. Write a report to explain the consolidation process as per AASBio for wholly owned entites. For assignment, students use the consolisation worksheet below for part of vosr assignment. Fat in adjustments and Group columns ond number your journs/s