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 amount	Fair value
Plant (cost $22000)	$18000	$18 600
Land	19000	21000
Inventories	2000	2 800

The plants 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 Ltd
Revenue	19 000	11 000
Expenses	(8 000)	(7 600)
	11 000	3 400
Gains on sale of non-current assets	500	400
Profit before tax	11 500	3 800
Income Tax expense	(4 000)	(600)
Profit for the year	7 500	3 200
Other Comprehensive income
Gains on revaluation of plant	1 200	0
Comprehensive income for the year	$8 700	$3 200
Profit for the year	$7 500	$3 200
Retained earnings (1/7/21)	8 000	8 800
	15 500	12 000
Dividend Paid	(3 400)	0
Transfer to general reserve	0	(1 500)
	(3 400)	(1 500)
Retained Earnings (30/6/22)	$12 100	$10 500
Share Capital	$28 000	$20 000
General reserve	2 000	4 800
Asset revaluation surplus	2 400	0
Retained earnings	12 100	10 500
Total equity	44 500	35 300
Provisions	1 500	1 200
Payables	4 000	800
Total Liabilities	5 500	2 000
Total Equity and liabilities	$50 000	$37 300
Cash	$1 200	$3 000
Accounts Receivable	2 800	1 200
Inventories	3 000	5 100
Plant	23 000	32 000
Accumulated Depreciation- Plant	(12 000)	(4 000)
Shares in Brooks Ltd	32 000	0
Total Asset	$50 000	$37 300

Required

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