The following information has been extracted from the financial statements of CMLtd and its subsidiary Forth Ltd at $30$ June $2023.$CM Ltd $($$$)$ Forth Ltd $($$$)$Reconciliation of opening and closingretained earningsSales revenue $593,400498,800$Cost of goods sold $(399,040)(204,680)$Gross profit $194,360294,120$Dividends revenue from Forth Ltd $63,984---$Management fee revenue $22,790---$Profit on sale of plant $30,100---$ExpensesAdministrative expenses $(26,488)(33,282)$Depreciation $(21,070)(48,848)$Management fee expense $---(22,790)$Other expenses $(86,946)(66,220)$Profit before tax $176,730122,980$Tax expense $(52,890)(36,292)$Profit for the year $123,84086,688$Retained earnings$-30$ June $2022274,684205,712398,524292,400$Dividends paid $(118,164)(79,980)$Retained earnings$-30$ June $2023280,360212,420$Statements of financial positionShareholders' equityRetained earnings $280,360212,420$Share capital $301,000172,000$Current liabilitiesAccounts payable $47,04239,818$Tax payable $35,51821,500$Non$-$current liabilitiesLoans $149,21099,760813,130545,498$Current assetsAccounts receivable $51,08453,578$Inventory $79,12024,940$Non$-$current assetsLand and buildings $192,640280,360$Plant $-$at cost $257,871305,988$Accumulated depreciation $(73,745)(119,368)$Investment in Forth Ltd $306,160--813,130545,498$Other information$1.$ CM Ltd acquired its $80$ per cent interest in Forth Ltd on $1$ July $2015.$ At that date thecapital and reserves of Forth Ltd were:Share capital $$172,000$Retained earnings $$146,200$$$318,200$At the date of acquisition all assets were considered to be fairly valued$\mathrm{.}2.$ The management of CM Ltd use the partial goodwill method$\mathrm{.}3.$ During the year CM Ltd made total sales to Forth Ltd of $$55,900,$ while Forth Ltd sold$$44,720$ in inventory to CM Ltd$\mathrm{.}4.$ The opening inventory in CM Ltd as at $1$ July $2022$ included inventory acquired fromForth Ltd for $$36,120$ that cost Forth Ltd $$30,100$ to produce$\mathrm{.}5.$ The closing inventory in CM Ltd includes inventory acquired from Forth Ltd at a cost of$$28,896.$ This cost Forth Ltd $$24,080$ to produce.

Faculty of Arts and Society ACT$305$ Corporate Accounting Assignment Semester $1,2024$Page $4$ of $56.$ The closing inventory of Forth Ltd includes inventory acquired from CM Ltd at a cost of$$10,320.$ This cost CM Ltd $$8,256$ to produce$\mathrm{.}7.$ The management of CM Ltd believe that goodwill acquired was impaired by $$2,580$in the year to $30$th June $2023.$ The balance on the accumulated impairments ofgoodwill account brought forward was $$19,350\mathrm{.}8.$ On $1$ July $2022$ CM Ltd sold an item of plant to Forth Ltd for $$99,760$ when itscarrying value in CM Ltd$\text{'}$s accounts was $$69,660($cost $$116,100,$ accumulateddepreciation $$46,440).$ This plant is assessed as having a remaining useful life ofsix years$\mathrm{.}9.$ Forth Ltd paid $$22,790$ in management fees to CM Ltd$\mathrm{.}10.$ The tax rate is $30$ per cent.REQUIREDPrepare the consolidation worksheet JOURNAL ENTRIES for the preparation ofconsolidated financial statements by CM Ltd at $30$ June $2023.$NOTE a consolidation worksheet is NOT required.Your answer should include an acquisition analysis with a calculation of goodwill, pre$-$acquisition entries, dividend adjustments, intragroup sales and transfers, and a calculationof the non$-$controlling interest thhth