Sydney Ltd acquired 90% of the shares (cum div.) of Tasmania Ltd on 1July2018 for $470 000. At this date, the equity of Tasmania Ltd consisted of:

Share capital

$240000

Asset revaluation surplus

60000

Retained earnings

160000

At acquisition date all the identifiable assets and liabilities of Tasmania Ltd were recorded at amounts equal to fair value. Tasmania Ltd had recorded a dividend payable of $20000, which was paid in August 2018, and goodwill of $12 000.

At 30 June 2019, the equity of Tasmania Ltd consisted of:

Share capital

$240000

Asset revaluation surplus

80000

Retained earnings

220000

During the 2019-20-year Tasmania Ltd recorded a profit of $100000.

Required

Prepare the consolidated worksheet entries at 30 June 2020 for Sydney Ltd using the partial goodwill method.