Part B:Provide all calculations and related journal entries for the following case: Alma Led acquired all the issued shares (ex div.) of Davis Ltd on July 2018 for $1723020. At this date Davis und recorded a dividend payable of $34000 and Jof the following Share capital 603000 General reserve 258000 Asset revaluation surpluss 207000 All the identifiable assets and liabilities of Davis Lid were recorded at amounts equal to their fair values at acquisition date except for the following: Carrying Further life- Account Cost Fair value Amount in Year $258.000 $464,000 $517,000 $931.000 land $603,000 Vehicle $1,085,000 $724 000 of the inventories. 919 was sold by 30 June 2019. The remainder was sold by 30 June 2020. in May 2019, Davis Ltd transferred S103500 from the Asset revaluation surpluss at 1 July 2018 to a General reserve Tax rate: 30% Required 1. Prepare the acquisition analysis at 1 July 2018. 2. Prepare the consolidation worksheet entries for Alma Lid's group at 30 June 2019. including supporting calculations.
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