Topic: Consolidation worksheet with adjustment entries for intragroup transactions: inventories, PPE, dividends, and debentures. Task Details: On 1 July 2021, Ingrid Ltd acquired all the issued shares of Isabella Ltd. The consideration for the acquisition was $47 350 cash plus 100000 shares in Ingrid Ltd, which had a fair value of $2 per share. At the acquisition date, Isabella Ltd had inventories with a fair value $1500 greater than carrying amount. All these inventories were sold by Isabella Ltd prior to 30 June 2022. Isabella Ltd conducts a research and development division. It has expensed all past outlays. At the acquisition date, Ingrid Ltd assessed there was an in-process research and development asset with a fair value of $12000. Ingrid decided that $3000 of this asset should be impaired for the year to 30 June 2022. The income tax rate is 30%. Intragroup transactions occurring in the annual period ended 30 June 2022 were as follows. (a) During the course of the year, Isabella Ltd sold inventories to Ingrid Ltd. Total sales were $60000, these being sold at cost plus 25%. At 30 June 2022, Ingrid Ltd still held inventories that it had bought from Isabella Ltd for $15000. (b) On 1 January 2022, Ingrid Ltd acquired 900 $100 8% debentures previously issued by Isabella Ltd. These were acquired on the open market for $85500. Interest on debentures is paid half-yearly. Interest due on 30 June 2022 has been paid by Isabella Ltd. (c) On 1 April 2022, Ingrid Ltd sold an inventory item to Isabella Ltd for $45000. This asset had cost Isabella Ltd $36000 to manufacture. The asset is used by Isabella Ltd as part of its plant and machinery. The depreciation rate used by Isabella Ltd for this type of asset is 20% p.a. on cost. (d) On 1 March 2022, Isabella Ltd declared and paid a dividend of $14 700 from its profits. On 30 June 2022, Isabella Ltd declared a further dividend of $10 800.