To give you a bit of background: Our client, Velvet Ltd manufactures mobile phone accessories for the Australian market. To expand its business, Velvet Ltd decided to acquire one of its most successful distributors, Star Ltd. On 30 June 2022, Velvet Ltd purchased 60% of Star Ltds shares for $2,200,000 cash. On acquisition date, Star Ltds statement of financial position was as follows: Statement of Financial Position of Star Ltd as at 30 June 2022 Cash 85,000 Bank Loans 1,695,000 Accounts receivable 315,000 Accounts payable 245,000 Inventory 340,000 1,940,000 Land 1,030,000 Share Capital 1,200,000 Plant and Equipment 1,395,000 Retained Earnings 900,000 Vehicles 875,000 2,100,000 Total 4,040,000 Total 4,040,000 Velvet Ltd also provided the following additional information: On 30 June 2022, all the assets and liabilities of Star Ltd are recorded at their fair values in Star Ltds statement of financial position. On 30 June 2022, Star Ltd disclosed a disclosed a contingent liability of $150,000 in the notes to the accounts. During the 2022-2023 financial year, Velvet Ltd sold inventory to Star Ltd for $780,000. This inventory had originally cost Velvet Ltd $530,000. On 30 June 2023, 10% of this inventory was still in Star Ltds closing inventory. On 4 June 2023, Star Ltd paid dividends of $180,000. The income tax rate is 30%. Can you please help me calculate the amount of goodwill or gain on bargain purchase arising from Velvet Ltds acquisition of Star Ltd? I was also hoping you could provide provide the consolidation journal entries required to prepare the consolidated financial statements for the year ended 30 June 2023. Regards, Katina Smith Graduate Accountant Nova Financial Consultants 123 Hall Street, Melbourne t: (+61 4) 500 000 000 e: Katina.Smith@nova.com.au Trusted financial solutions REQUIRED: Based on the above scenario, answer the following questions: Q1A Calculate the amount of goodwill or gain on bargain purchase arising from Velvet Ltds acquisition of Star Ltd. Show all workings necessary to derive your answer Q1A Calculate the amount of goodwill or gain on bargain purchase arising from Velvet Ltds acquisition of Star Ltd. Show all workings necessary to derive your answer Q1B Provide the consolidation journal entries required to prepare the consolidated financial statements for the year ended 30 June 2023. Journal entries allocating equity to non-controlling interests are not required. Show all workings necessary to derive your