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On 1 July 2016, Panoramic Ltd purchased 75% of the shares in Solstice Ltd for $40,000. On this date, the equity of Scenic Ltd consisted of Share Capital 520,000, General Reserve $2,000, and Retained Earnings of $10,000. On 2 July 2016, all the identifiable net assets of Scenic Ltd were recorded at fair value except for the following assets: Machinery (cost at $36,000): fair value of $40,000 and carrying amount of $30,000. The machinery had a remaining useful life of 5 years beyond 1 July 2016 and to be depreciated on a straight-line basis. On 1 January 2021, the machinery was sold by Scenic Ltd for $4,000 Inventories: fair value was $4,000 higher than its carrying amount. These inventories were sold to external parties by 30 June 2017 Receivables: fair value was $2,000 lower than its carrying amount. The receivables had all been collected by 30 June 2017. The following information relates to the financial year ended 30 June 2021 . Scenic Ltd recorded a profit for the year of $15,600 and the retained earnings as at 1 July 2020 was $20,000. The dividends paid and declared for the entities are summarised below: Panoramic Ltd Scenic Ltd $ $ Interim dividend 10,000 2,000 Final dividend 7,500 4,000 Intra-group sales from Scenic Ltd to Panoramic Ltd at $40,000, after a mark-up of 25% on cost. As at 30 June 2021, S2,000 of these inventories remained in Panoramic Ltd's closing inventory. Panoramic Ltd uses the partial goodwill method. Assume a tax rate of 30% Required: Answer this question in an excel or word file and upload the file when completed. Name your file in your last name and student ID. a. Prepare an acquisition analysis in relation to the acquisition made by Panoramic Ltd. (5 marks) Activate Windows b. Prepare the consolidation journal entries, including NCi entries, necessary to prepare the consolidated financial statements of Panoramic Ltd for the year ended 30 June 2022. (20 marks) to Settings to activate Wind On 1 July 2016, Panoramic Ltd purchased 75% of the shares in Solstice Ltd for $40,000. On this date, the equity of Scenic Ltd consisted of Share Capital 520,000, General Reserve $2,000, and Retained Earnings of $10,000. On 2 July 2016, all the identifiable net assets of Scenic Ltd were recorded at fair value except for the following assets: Machinery (cost at $36,000): fair value of $40,000 and carrying amount of $30,000. The machinery had a remaining useful life of 5 years beyond 1 July 2016 and to be depreciated on a straight-line basis. On 1 January 2021, the machinery was sold by Scenic Ltd for $4,000 Inventories: fair value was $4,000 higher than its carrying amount. These inventories were sold to external parties by 30 June 2017 Receivables: fair value was $2,000 lower than its carrying amount. The receivables had all been collected by 30 June 2017. The following information relates to the financial year ended 30 June 2021 . Scenic Ltd recorded a profit for the year of $15,600 and the retained earnings as at 1 July 2020 was $20,000. The dividends paid and declared for the entities are summarised below: Panoramic Ltd Scenic Ltd $ $ Interim dividend 10,000 2,000 Final dividend 7,500 4,000 Intra-group sales from Scenic Ltd to Panoramic Ltd at $40,000, after a mark-up of 25% on cost. As at 30 June 2021, S2,000 of these inventories remained in Panoramic Ltd's closing inventory. Panoramic Ltd uses the partial goodwill method. Assume a tax rate of 30% Required: Answer this question in an excel or word file and upload the file when completed. Name your file in your last name and student ID. a. Prepare an acquisition analysis in relation to the acquisition made by Panoramic Ltd. (5 marks) Activate Windows b. Prepare the consolidation journal entries, including NCi entries, necessary to prepare the consolidated financial statements of Panoramic Ltd for the year ended 30 June 2022. (20 marks) to Settings to activate Wind

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