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 1725 000 1 450 000 Cost of goods sold (1 160 000) (595 0001 Gross profit 565 000 855 000 Dividend revenue--from Razan Ltd 186 000 Management fee revenue 66 250 Profit on sale of plant 87 500 Expenses Administrative expenses (77000) 196 750) Depreciation (61 250 (142 000) Management fee expense (66 250) Other expenses 252 750 (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 earnings-1 July 2022 798 500 598 000 1 158 500 850 000 Dividends paid (343 500) (232 500) Retained earnings- 30 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 Plant-at cost 749 625 889 500 Accumulated depreciation (214 375) (347 000) Investment in Razan 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 $925 000 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 Razans 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 Razan Ltd of $105 000 that had cost Razan Ltd $87 500 to produce. 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 Ripple Ltd'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. Prepare the consolidation worksheet journal entries for Ripple Ltd and its controlled entity as at 30 June 2023 and post them to a consolidation worksheet. 2. Provide the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and consolidated statement of changes in equity of Ripple Ltd and Razans Ltd as at 30 June 2023