steam ltd acquired its 80% interest in train ltd on 30 june 2017 for 410000 at that date the capital and reserves of train ltd were:

share capital 250000

retained earnings 212000

At the date of acquisition all assets were considered to be fairly valued.

the management of steam ltd measures any non- controlling interest in Train ltd at proportionate share of subsidiary's net identifiable assets.

a- prepare an acquisition analysis at 30 june 2017 to determine goodwill or gain on bargain purchase at acquisition.

b- Train ltd determines that goodwill at acquisition has been impaired by $1000 annually.prepare all consoldation elimination journals at 30 june 2018

c- for the financial year ending 30 june 2019 steam ltd had following intragroup inventory transactions with Train ltd :

Steam ltd sold inventory to Train ltd for a price of 120000 the inventory cost steam ltd 80000 to produce by 30 june 2019 Train ltd had sold 15% of this inventory to external parties.

i- why does this information creat an elimination entry for consolidation purposes at year end?

ii- assuming a tax rate of 30 per cent prepare all consolidation journals related to these intragoup inventory transactions only for the year ending 30 june 2019

iii- assuming a tax rate 30% and no further transaction prepare all consoldation journals related to these intragroup invertory transaction only for the year 30 june 2020