T Ltd acquired the net assets of V Ltd on $1$ July $2023$ for consideration of $$320000$ cash. The fair value of the identifiable net assets of S Ltd at this date were as follows:

$

Share Capital $200000$

Retained Earnings $20000$

General Reserve $30000$

Land owned by the subsidiary was recorded at cost of $$120000,$ it had a fair value at the date of acquisition of $$160000.$ Assume a tax rate of $30\%.$

$$

Required:

$$Prepare the acquisition analysis and consolidation worksheet entries at $1$ July $2023$