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 theacquisition was $$47350$ cash plus $100000$ shares in Ingrid Ltd$,$ which had a fair value of $$2$ per share.At the acquisition date, Isabella Ltd had inventories with a fair value $$1500$ greater than carrying amount.All these inventories were sold by Isabella Ltd prior to $30$ June $2022.$Isabella Ltd conducts a research and development division. It has expensed all past outlays. At theacquisition date, Ingrid Ltd assessed there was an in$-$process research and development asset with a fairvalue of $$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 fromIsabella Ltd for $$15000.($b$)$ On $1$ January $2022,$ Ingrid Ltd acquired $900$ $$1008\%$ debentures previously issued by Isabella Ltd$.$These were acquired on the open market for $$85500.$ Interest on debentures is paid half$-$yearly. Interestdue on $30$ June $2022$ has been paid by Isabella Ltd$.($c$)$ On $1$ April $2022,$ Ingrid Ltd sold an inventory item to Isabella Ltd for $$45000.$ This asset had costIsabella Ltd $$36000$ to manufacture. The asset is used by Isabella Ltd as part of its plant and machinery.The depreciation rate used by Isabella Ltd for this type of asset is $20\%$ p$.$a$.$ on cost$.($d$)$ On $1$ March $2022,$ Isabella Ltd declared and paid a dividend of $$14700$ from its profits. On $30$ June $2022,$Isabella Ltd declared a further dividend of $$10800.$The financial information provided by the two entities for $30$ June $2022$ was as follows:Ingrid Ltd Isabella LtdSales $ $352100$ $ $272000$Dividend revenue $255005000$ other income$/$gains $1000023000387600300000$Cost of sales $(184500)(180000)$Other expenses $(51900)(33000)(236400)(213000)$Profit before income tax $15120087000$Income tax expense $(48000)(30000)$Profit for the year $10320057000$Retained earnings $(1/7/21)360001800013920075000$Dividend paid $(51000)(14700)$Dividend declared $(36000)(10800)(87000)(25500)$Retained earnings $(30/6/22)5220049500$Share capital $480000180000$General reserve $10200036000$ Total equity $ $634200$ $ $265500$Deferred tax liabilities $ $19500$ $ $75008\%$ debentures $0120000$Dividend payable $2400010800$Provisions $1800035460$Payables $1650015000$ Total liabilities $ $78000$ $ $188760$ Total equity and liabilities $ $712200$ $ $454260$Plant and machinery $160000165000$Accumulated depreciation $(60000)(39000)$Land $143450225000$Debentures in Isabella Ltd $85500$ Shares in Isabella Ltd $247350$ Cash $11505260$Receivables $454260$ Inventories

$103000$

$82500$

Total assets

$ $712200$

$ $454260$Required

$1.$ Calculate acquisition analysis as of $1$ July $2021$

$2.$ Prepare the consolidation journal entries for $30$ June $2022$

$3.$ Complete the consolidated worksheet for $30$ June $2022$

$4.$ Prepare the consolidated financial statements at $30$ June $2022$

$5.$ Write a report to explain the consolidation process as per AASB$10$ for wholly owned entities and provide suitable explanations for intragroup adjustments $($b$)$ and $($c$)$ in additional information above.