Task Details : On 1 July 2018, Priscilla Ltd acquired all the issued shares of L

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Task Details : On 1 July 2018, Priscilla Ltd acquired all the issued shares of Lisa Marie Ltd. The consideration for the acquisition was $30??000 in cash and 20??000 shares in Priscilla Ltd, valued at $3 per share. At this date, the equity of Lisa Marie Ltd consisted of $66??000 share capital and $6000 retained earnings. At 1 July 2018, all the identifiable assets and liabilities of Lisa Marie Ltd were recorded at amounts equal to their fair values except for: Carrying amount / Fair value Plant (cost $150??000) $ 120??000 / $ 123??000 Patents 90??000 / 105??000 Inventories 18??000 / 22??500 The plant was considered to have a further 5-year life. The patents were sold for $120??000 to an external entity on 18 August 2018. The inventories were all sold by 30 June 2019. Additional information: (a) Priscilla Ltd sells certain raw materials to Lisa Marie Ltd to be used in its manufacturing process. At 1 July 2021, Lisa Marie Ltd held inventories sold to it by Priscilla Ltd in the previous year at a profit of $600. During the 2021–22 year, Priscilla Ltd sold inventories to Lisa Marie Ltd for $21 ?000. None of the inventories are on hand at 30 June 2022. (b) Lisa Marie Ltd also sells items of inventories to Priscilla Ltd. During the 2021–22 year, Lisa Marie Ltd sold goods to Priscilla Ltd for $4500. At 30 June 2022, inventories which had been sold to Priscilla Ltd at a profit of $300 are still on hand in Priscilla Ltd’s inventories. (c) On 1 July 2021, Lisa Marie Ltd sold an item of plant to Priscilla Ltd for $15??000 that had cost Lisa Marie Ltd $14 000 on the same date. This type of plant is depreciated at 10% p.a. on cost. (d) On 1 January 2021, Priscilla Ltd sold inventories to Lisa Marie Ltd for $18??000. The inventories had cost Priscilla Ltd $16??000. This item was classified by Lisa Marie Ltd as plant and depreciated at 20% p.a. (e) On 1 March 2022, Lisa Marie Ltd sold an item of plant to Priscilla Ltd. Whereas Lisa Marie Ltd classified this as plant, Priscilla Ltd classified it as inventories. The sales price was $9000, which included a profit to Lisa Marie Ltd of $1500. Priscilla Ltd sold this asset to another entity on 31 March 2022 for $9900. (f) The tax rate is 30%. T he following financial information was provided by the two companies for 30 June 2022: Priscilla Ltd Lisa Marie Ltd Dr Cr Dr Cr Sales revenue 64??500 78??000 Cost of sales 30??900 46??350 Trading expenses 4??800 9??000 Office expenses 7??950 4??050 Depreciation expenses 1??800 3??900 Proceeds on sale of plant 9??000 15??000 Carrying amount of plant sold 7??500 14??000 Income tax expense 11??100 7??300 Share capital 96??000 66??000 Retained earnings (1/7/21) 48??000 31??500 Current liabilities 21??100 10??500 Deferred tax liability 11??000 15??000 Plant 57??000 107??250 Accumulated depreciation – plant 18??300 33??450 Intangibles 12??000 11??100 Deferred tax assets 8??100 9??450 Shares in Lisa Marie Ltd 90??000 0 Inventories 28??500 24??600 Receivables 8??250 ?? 12??450 ?? 267??900 267??900 249??450 249??450 Required 1. Calculate acquisition analysis 2. Prepare the consolidation journal entries for 30 June 2022 3. Complete the consolidated worksheet 4. Prepare the consolidated financial statements at 30 June

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