The following financial statements of Ripple Ltd and its subsidiary Razan Ltd have been extracted from their financial records at 30 June 2023

	Ripple Ltd ($)	Razan Ltd ($)
Detailed reconciliation of opening and closing retained earnings
Sales revenue	1 725 000	1 450 000
Cost of goods sold	(1 160 000)	(595 000)
Gross profit	565 000	855 000
Dividend revenuefrom Richards Ltd	186 000
Management fee revenue	66 250
Profit on sale of plant	87 500
Expenses
Administrative expenses	(77 000)	(96 750)
Depreciation	(61 250)	(142 000)
Management fee expense		(66 250)
Other expenses	(252 750)	(192 500)
Profit before tax	513 750	357 500
Tax expense	(153 750)	(105 500)
Profit for the year	360 000	252 000
Retained earnings1 July 2022	798 500	598 000
	1 158 500	850 000
Dividends paid	(343 500)	(232 500)
Retained earnings30 June 2023	815 000	617 500
Statement of financial position
Shareholders equity
Retained earnings	815 000	617 500
Share capital	875 000	500 000
Current liabilities
Accounts payable	136 750	115 750
Tax payable	103 250	62 500
Non-current liabilities
Loans	433 750	290 000
	2 363 750	1 585 750
Current assets
Accounts receivable	148 500	155 750
Inventory	230 000	72 500
Non-current assets
Land and buildings	560 000	815 000
Plantat cost	749 625	889 500
Accumulated depreciation	(214 375)	(347 000)
Investment in Richards Ltd	890 000
	2 363 750	1 585 750

Other information

RippleLtd had acquired its 80 per cent interest in Razan Ltd on 1 July 2014, that is, nine years earlier. At that date the capital and reserves of Razan Ltd were:

Share capital $500 000

Retained earnings $425 000

$925000

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

The management of Ripple Ltd measures any non-controlling interest at the proportionate share of Richards Ltd's identifiable net assets.

During the year, Ripple Ltd made total sales to Razan Ltd of $162 500, while Razan Ltd sold $130 000 in inventory to Ripple Ltd.

The opening inventory in Ripple Ltd as at 1 July 2022 included inventory acquired from Richards Ltd of $105 000 that had cost Richards Ltd $87 500 to provide.

The closing inventory in Ripple Ltd includes inventory acquired from Razan Ltd at a cost of $84 000. This had cost Razan Ltd $70 000 to produce.

The closing inventory of Razan Ltd includes inventory acquired from Ripple Ltd at a cost of $30 000. This had cost Ripple Ltd $24 000 to produce.

The management of Ripple Ltd believe that goodwill acquired was impaired by $7500 in the current financial year. Previous impairments of goodwill amounted to $56 250.

On 1 July 2022 Ripple Ltd sold an item of plant to Razan Ltd for $290 000 when its carrying value in RippleLtd's accounts was $202 500 (cost of $337 500, accumulated depreciation of $135 000). This plant is assessed as having a remaining useful life of six years.

Razan Ltd paid $66 250 in management fees to Ripple Ltd.

The tax rate is 30 per cent.

REQUIRED

1. consolidation worksheet journal entries for Ripple Ltd and its controlled entity as at 30 June 2023 and post them to a consolidation worksheet.

2.consolidate statement of financial position, consolidate statement of profit or loss and other comprehensive income and consolidate statement of changes in equity of Ripple Ltd and Razans as at 30June 2023.