'X' Ltd acquired on 1 July 2019 all the issued shares (cum div.) of 'Y' Ltd for $33000. At this date, the equity of 'Y' Ltd was as follows.

Share capital $20000

General reserve 2000

Retained earnings 5000

All the identifiable assets and liabilities of 'Y' Ltd were recorded at amounts equal to their fair values except for the following.

Carrying amountFair valuePlant (cost $22000)$18000$18 600Land1900021000Inventories20002 800

The plant's expected remaining useful life was 5 years with benefits being expected evenly over that period. The plant was sold on 1 January 2022 for $18 700. The land was sold in February 2021 for $25000. Of the inventories, 90% was sold by 30 June 2020 and the rest by 30 June 2021.

At 1 July 2019, 'Y' Ltd had recorded a dividend payable of $1000 that was paid in September 2019. 'Y' Ltd also had some unrecorded assets, in particular the brands relating to the clothing sold in the teenage market. 'X' Ltd valued these brands at $1 200 and assessed them to have an indefinite life. In the notes to its financial statements at 30 June 2019, 'Y' Ltd disclosed a contingent liability relating to a guarantee it had made to one of its related companies. 'X' Ltd assessed the fair value of the guarantee payable as being $1000. In August 2021, 'Y' Ltd was required to pay $250 in relation to the guarantee.

All transfers to the general reserve made by 'Y' Ltd have been from retained earnings earned prior to 1 July 2019. The tax rate is 30%.

The financial information provided by the two companies at 30 June 2020 is as follows.

'X' Ltd'Y' LtdRevenue19 00011 000Expenses(8 000)(7 600)11 0003 400Gains on sale of non-current assets500400Profit before tax

11 5003 800Income Tax expense(4 000)(600)Profit for the year7 5003 200Other Comprehensive incomeGains on revaluation of plant1 2000Comprehensive income for the year

$8 700$3 200Profit for the year$7 500$3 200Retained earnings (1/7/21)8 0008 80015 50012 000Dividend Paid(3 400)0Transfer to general reserve0(1 500)(3 400)(1 500)Retained Earnings (30/6/22)$12 100$10 500Share Capital$28 000$20 000General reserve2 0004 800Asset revaluation surplus2 4000Retained earnings12 10010 500Total equity44 50035 300Provisions1 5001 200Payables4 000800Total Liabilities5 5002 000Total Equity and liabilities$50 000$37 300Cash$1 200$3 000Accounts Receivable2 8001 200Inventories3 0005 100Plant23 00032 000Accumulated Depreciation- Plant(12 000)(4 000)Shares in Brooks Ltd32 0000Total Asset$50 000$37 300

Required

1. Prepare the acquisition analysis at 1 July 2019.
2. Prepare the consolidation worksheet entries for 'X' Ltd's group at 30 June 2022.
3. Prepare the consolidation worksheet for 'X' Ltd's group at 30 June 2022