Wooragee Wines Ltd operates a vineyard, a winery and is specialist small batch winemaker. Wooragee Wines Ltd acquired 20% of the shares of Yackandandah Ltd for $250 000 on 1 July 2019. Yackandandah Ltd owns a number of farms in Victoria and grows a range of new grape varieties. The owners have invested heavily in research and development over the years, particularly in the use companion planting and low residue herbicides to minimise the impact of insects and mildew and mould. Five years later, on 1 July 2024, Wooragee Wines Ltd acquired the remaining 80% of the issued shares (ex div.) by issuing 200 000 ordinary shares (fair value $5.00 per share) and making a cash payment of $560 000. Wooragee Wines Ltd incurred share issue costs of $2 500 (paid in August 2024) and accounting fees, valuation fees and other costs associated with the business combination totalled $23,000 (paid in September 2024). At 1 July 2024, the equity of Yackandandah Ltd was as follows: Share capital General reserve Retained earnings $1 200 000 $100 000 $420 000 All the identifiable assets and liabilities of Yackandandah Ltd were recorded at amounts equal to their fair values except for the following: Cost Fair value Carrying amount $ 120 000 1 160 000 1 100 000 $ 120 000 1 160 000 1 300 000 Inventory Land Farm machinery $ 180 000 1 180 000 1 150 000 In relation to these assets: 80% of the inventory was sold by 30 June 2025 The remaining inventory was sold in the following year The land was sold in April 2026 for $1 240 000 Farm machinery - the expected remaining useful life was 5 years with benefits being expected evenly over that period The farm machinery was sold on 1 January 2027 for $580 000 The financial statements and notes to the accounts of Yackandandah Ltd for the period ended 30 June 2024 revealed the following: Goodwill of $60 000 from a previous business acquisition . Corporate Accounting A dividend was declared in June A current liability for dividend payable of $100 000 was recognised (due in September 2024) A contingent liability was disclosed relating to a guarantee it had provided for a loan owed by one of its related companies Research costs of $120 000 were recorded as R&D expense ($80 000 in the previous year). As at 1 July 2024, the advisors to Wooragee Wines Ltd: measured the fair value of the guarantee payable at $40 000 determined the fair value of the research projects at $130 000 and recommended the asset be treated as having an indefinite life Other relevant information: In August 2026, Yackandandah Ltd was required to pay $18 000 in relation to the guarantee All transfers to the general reserve made by Yackandandah Ltd have been from retained earnings earned prior to 1 July 2024 The tax rate is 30% The financial information provided by the two companies for the period ended 30 June 2027 is provided on the next page . Required: For the Wooragee Wines Ltd group, provide the following 1. ALL relevant journal entries recorded by Wooragee Wines Ltd in relation to the business acquisition during the year ended 30 June 2025. 2. The acquisition analysis at 1 July 2024 3. The consolidation worksheet entries at 1 July 2024 4. The consolidation worksheet entries at 30 June 2025 5. The consolidation worksheet entries at 30 June 2026 6. The consolidation worksheet entries at 30 June 2027 7. The consolidation worksheet at 30 June 2027 8. The consolidated financial statements for the period ended 30 June 2027 A Statement of Profit or Loss A Statement of Changes in Equity (column format) A Statement of Financial Position (current / non-current format) Note: Comparative data are not required Corporate Accounting Financial information for the period ended 30 June 2027 Yackandandah Ltd Revenues Expenses Wooragee Wines Ltd 3,420,000 -1,440,000 1,980,000 306,000 2,286,000 -720,000 1,566,000 Gains (Losses) on sale of non-current assets Profit before tax Tax expense Profit for the year 660,000 -456,000 204,000 24,000 228,000 -36,000 192,000 Retained ear (1/7/26) Profit for the year Dividend paid Transfer to general reserve Retained earnings (30/6/27) 840,000 1,566,000 -1,200,000 0 1,206,000 528,000 192,000 0 -90,000 630,000 Share capital General reserve Total equity 3,000,000 176,000 4,382,000 1,200,000 288,000 2,118,000 Cash Accounts receivable Inventory 216,000 504,000 540,000 180,000 72,000 306,000 Share capital General reserve 3,000,000 176,000 4,382,000 1,200,000 288,000 2,118,000 Total equity Cash Accounts receivable Inventory Farm machinery Accumulated depreciation - machinery Goodwill Shares in Yackandandah Ltd 216,000 504,000 540,000 4,322,000 -2,040,000 180,000 72,000 306,000 1,920,000 -240,000 60,000 0 1,950,000 5,492,000 Total assets 2,298,000 Payables Loans Provisions Total liabilities 720,000 120,000 270,000 1,110,000 30,000 66,000 84,000 180,000 Net assets 4,382,000 2,118,000 Wooragee Wines Ltd operates a vineyard, a winery and is specialist small batch winemaker. Wooragee Wines Ltd acquired 20% of the shares of Yackandandah Ltd for $250 000 on 1 July 2019. Yackandandah Ltd owns a number of farms in Victoria and grows a range of new grape varieties. The owners have invested heavily in research and development over the years, particularly in the use companion planting and low residue herbicides to minimise the impact of insects and mildew and mould. Five years later, on 1 July 2024, Wooragee Wines Ltd acquired the remaining 80% of the issued shares (ex div.) by issuing 200 000 ordinary shares (fair value $5.00 per share) and making a cash payment of $560 000. Wooragee Wines Ltd incurred share issue costs of $2 500 (paid in August 2024) and accounting fees, valuation fees and other costs associated with the business combination totalled $23,000 (paid in September 2024). At 1 July 2024, the equity of Yackandandah Ltd was as follows: Share capital General reserve Retained earnings $1 200 000 $100 000 $420 000 All the identifiable assets and liabilities of Yackandandah Ltd were recorded at amounts equal to their fair values except for the following: Cost Fair value Carrying amount $ 120 000 1 160 000 1 100 000 $ 120 000 1 160 000 1 300 000 Inventory Land Farm machinery $ 180 000 1 180 000 1 150 000 In relation to these assets: 80% of the inventory was sold by 30 June 2025 The remaining inventory was sold in the following year The land was sold in April 2026 for $1 240 000 Farm machinery - the expected remaining useful life was 5 years with benefits being expected evenly over that period The farm machinery was sold on 1 January 2027 for $580 000 The financial statements and notes to the accounts of Yackandandah Ltd for the period ended 30 June 2024 revealed the following: Goodwill of $60 000 from a previous business acquisition . Corporate Accounting A dividend was declared in June A current liability for dividend payable of $100 000 was recognised (due in September 2024) A contingent liability was disclosed relating to a guarantee it had provided for a loan owed by one of its related companies Research costs of $120 000 were recorded as R&D expense ($80 000 in the previous year). As at 1 July 2024, the advisors to Wooragee Wines Ltd: measured the fair value of the guarantee payable at $40 000 determined the fair value of the research projects at $130 000 and recommended the asset be treated as having an indefinite life Other relevant information: In August 2026, Yackandandah Ltd was required to pay $18 000 in relation to the guarantee All transfers to the general reserve made by Yackandandah Ltd have been from retained earnings earned prior to 1 July 2024 The tax rate is 30% The financial information provided by the two companies for the period ended 30 June 2027 is provided on the next page . Required: For the Wooragee Wines Ltd group, provide the following 1. ALL relevant journal entries recorded by Wooragee Wines Ltd in relation to the business acquisition during the year ended 30 June 2025. 2. The acquisition analysis at 1 July 2024 3. The consolidation worksheet entries at 1 July 2024 4. The consolidation worksheet entries at 30 June 2025 5. The consolidation worksheet entries at 30 June 2026 6. The consolidation worksheet entries at 30 June 2027 7. The consolidation worksheet at 30 June 2027 8. The consolidated financial statements for the period ended 30 June 2027 A Statement of Profit or Loss A Statement of Changes in Equity (column format) A Statement of Financial Position (current / non-current format) Note: Comparative data are not required Corporate Accounting Financial information for the period ended 30 June 2027 Yackandandah Ltd Revenues Expenses Wooragee Wines Ltd 3,420,000 -1,440,000 1,980,000 306,000 2,286,000 -720,000 1,566,000 Gains (Losses) on sale of non-current assets Profit before tax Tax expense Profit for the year 660,000 -456,000 204,000 24,000 228,000 -36,000 192,000 Retained ear (1/7/26) Profit for the year Dividend paid Transfer to general reserve Retained earnings (30/6/27) 840,000 1,566,000 -1,200,000 0 1,206,000 528,000 192,000 0 -90,000 630,000 Share capital General reserve Total equity 3,000,000 176,000 4,382,000 1,200,000 288,000 2,118,000 Cash Accounts receivable Inventory 216,000 504,000 540,000 180,000 72,000 306,000 Share capital General reserve 3,000,000 176,000 4,382,000 1,200,000 288,000 2,118,000 Total equity Cash Accounts receivable Inventory Farm machinery Accumulated depreciation - machinery Goodwill Shares in Yackandandah Ltd 216,000 504,000 540,000 4,322,000 -2,040,000 180,000 72,000 306,000 1,920,000 -240,000 60,000 0 1,950,000 5,492,000 Total assets 2,298,000 Payables Loans Provisions Total liabilities 720,000 120,000 270,000 1,110,000 30,000 66,000 84,000 180,000 Net assets 4,382,000 2,118,000