Walnut Ltd acquired 60% of the equity in Pecan Ltd on 1 March 2021 and paid for the investment as follows: - Sale (transfer) of equipment that had cost Walnut Ltd R400 000 and had an accumulated depreciation of R160 000 on acquisition date. The fair value of the equipment was R255 000 on acquisition date. - 70000 of its own ordinary shares at a fair value of R2.50 per share. The costs directly attributable to this transaction amounted to R5 000 which was paid for in cash. - Cash of R20 000 . At acquisition date, Pecan Ltd had a share capital of R100 000 (R1 shares) and retained earnings of R640000. On the same date, the fair value of Pecan Ltd's net identifiable assets was equal to its book value except for a vehicle which was considered to be worth R24 000 more than its carrying value. The vehicle had a remaining useful life of 1.5 years and a nil residual value on 1 March 2021. Current year: The following are extracts of Walnut Ltd and Pecan Ltd for the year ended 28 February 2023: Walnut Ltd's share price: Additional information: - Walnut Ltd measures its investments in subsidiaries, under IFRS 9 , at fair value through the profit and loss in its separate financial statements. - Walnut is not a share dealer for income tax purposes. - Walnut Ltd elected to measure the non-controlling interest in Pecan Ltd at its proportionate share of Pecan Ltd's identifiable net assets at acquisition date. - Assume a companies' tax rate of 28% and 80% of capital gains tax is included in taxable income. - Ignore the effects of Dividend Tax and Value Added Tax (VAT). - All the entities in the Walnut Ltd Group have a 28 February financial year end. REQUIRED: 3.1 Prepare the general journal entries to account for Pecan Ltd in the separate financial statements of Walnut Ltd for the year ended 28 February 2022. Dates and narrations are not required. Ignore all tax entries. (10 marks) 3.2 Prepare the Consolidated Statement of Profit and Loss and Other Comprehensive Income for the Walnut Group for the financial year ended 28 February 2023 using only the information provided. Show and reference all your workings and calculations clearly. Ignore VAT and dividends tax, however, do not ignore income tax. Round off to the nearest Rand where necessary. (20 marks)