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Alpha Led purchased 40% of the issued voting shares of Beta Ltd on 1 July 2019 for $75,600. The equity of Beta Ltd at the acquisition date was: Share capital $ 140,000 Retained earnings 27,000 At the acquisition date, all the identifiable assets and liabilities of Beta Ltd were recorded at fair value, except for Machine whose fair value was $15,000 greater than the carrying amount. The remaining expected useful life of the machine at date of acquisition was 5 years, with expected residual value of zero. Alpha Led depreciates the machine on a straight-line basis. The tax rate is 30%. Alpha Ltd had inventory on hand at 30 June 2021 that was purchased from Beta Ltd during the fiscal year ended 30 June 2021. A profit before tax of $1,600 had been made and reported by Beta Ltd on the sale for the fiscal year ended 30 June 2021. Alpha Ltd had inventory on hand at 30 June 2020 that was purchased from Beta Ltd during the fiscal year ended 30 June 2020. A profit before tax of $800 had been made and reported by Beta Ltd on the sale for the fiscal year ended 30 June 2020. On 31 December 2019, Beta Ltd sold to Alpha Ltd a motor vehicle for $12,000. The vehicle had originally cost Beta Ltd $18,000 and was written down to $9,000 for both tax and accounting purposes at time of sale to Alpha Ltd. Both companies depreciated motor vehicles at the rate of 20% p.a. on cost. Information about income and changes in equity of Beta Ltd as at 30 June 2021 was: Retained earnings at 1 July 2020 $ 32.000 Profit after tax 18.100 50,100 Dividend paid $ (4,000) Dividend declared (5,000) (9.000) Retained earnings at 30 June 2021 $ 41.00 All dividends are paid out of the profit for the current year. Dividend revenue is recognised when declared by directors. Required: Assume that Alpha Ltd prepares consolidated financial statements. Prepare the consolidation worksheet entries for the year ended 30 June 2021 to account for the investment in Beta Ltd in accordance with AASB128 Investments in Associates and joint Ventures. Show all workings Alpha Led purchased 40% of the issued voting shares of Beta Ltd on 1 July 2019 for $75,600. The equity of Beta Ltd at the acquisition date was: Share capital $ 140,000 Retained earnings 27,000 At the acquisition date, all the identifiable assets and liabilities of Beta Ltd were recorded at fair value, except for Machine whose fair value was $15,000 greater than the carrying amount. The remaining expected useful life of the machine at date of acquisition was 5 years, with expected residual value of zero. Alpha Led depreciates the machine on a straight-line basis. The tax rate is 30%. Alpha Ltd had inventory on hand at 30 June 2021 that was purchased from Beta Ltd during the fiscal year ended 30 June 2021. A profit before tax of $1,600 had been made and reported by Beta Ltd on the sale for the fiscal year ended 30 June 2021. Alpha Ltd had inventory on hand at 30 June 2020 that was purchased from Beta Ltd during the fiscal year ended 30 June 2020. A profit before tax of $800 had been made and reported by Beta Ltd on the sale for the fiscal year ended 30 June 2020. On 31 December 2019, Beta Ltd sold to Alpha Ltd a motor vehicle for $12,000. The vehicle had originally cost Beta Ltd $18,000 and was written down to $9,000 for both tax and accounting purposes at time of sale to Alpha Ltd. Both companies depreciated motor vehicles at the rate of 20% p.a. on cost. Information about income and changes in equity of Beta Ltd as at 30 June 2021 was: Retained earnings at 1 July 2020 $ 32.000 Profit after tax 18.100 50,100 Dividend paid $ (4,000) Dividend declared (5,000) (9.000) Retained earnings at 30 June 2021 $ 41.00 All dividends are paid out of the profit for the current year. Dividend revenue is recognised when declared by directors. Required: Assume that Alpha Ltd prepares consolidated financial statements. Prepare the consolidation worksheet entries for the year ended 30 June 2021 to account for the investment in Beta Ltd in accordance with AASB128 Investments in Associates and joint Ventures. Show all workings

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