Topic: Consolidated worksheet, consolidated financial statements. Task Details: On 1 July 2020, Scott Ltd acquired all the issued shares (ex div.) of William Ltd. At this date the financial statements of William Ltd showed the following balances in its accounts: Share capital General reserve Retained earnings Dividend payable Goodwill $300 000 80 000 160 000 40 000 20 000 At 1 July 2020, all the identifiable assets and liabilities of William Ltd were recorded at amounts equal to their fair values. The financial statements of Scott Ltd and William Ltd at 30 June 2021 contained the following information: Scott Ltd William Ltd Profit for the period 70 000 50 000 Retained earnings (1/7/20) 180 000 160 000 Transfer from general reserve 20.000 Retained earnings (30/6/21) Share capital General reserve Total equity Provisions Payables Long-term loans Total liabilities Total equity and liabilities 250 000 230 000 1 400 000 300 000 184.000 60.000 Plant Accumulated depreciation - Plant 1834 000 60 000 30 000 100.000 190 000 $2.024.000 1 200 000 590,000 40 000 50 000 220.000 310.000 $ 900.000 1 640 000 (590 000) (1 300 000) Fixtures 600 000 240 000 Accumulated depreciation - Fixtures (360 000) (160 000) Land 400 000 280 000 Brands 100 000 60 000 Shares in William Ltd 544 000 Goodwill 0 0 20 000 Inventories Cash Receivables Total assets 90 000 80 000 10 000 14 000 30.000 126.000 $2,024,000 $ 900.000 Submission: Soft copy uploaded to Moodle via KOI's Moodle subject homepage Required 1. Calculate acquisition analysis 2. Prepare consolidated journal entries at 30 June 2021 3. Complete the consolidated worksheet 4. Prepare the consolidated financial statements at 30 June 2021 Marking guide: Interpretation and representation Calculations Analysis Assumptions Communications 20% 50% 10% 10% 10% Total mark scaled to a mark out of 30 subject marks