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Task Details: Consolidated financial statements from worksheet with adjustment entries for inventories, PPE, and dividends Jonathan Ltd acquired all the issued shares (ex-div.) of Thomas Ltd on 1 July 2020 for $246000. At this date the equity of Thomas Ltd consisted of: At the acquisition date all the identifiable assets and liabilities of Thomas Ltd consisted of: The inventories were all sold by 30 June 2020. The land was sold on 1 February 2021 for $150000. The plant was considered to have a further 5-year life. The plant was sold for $155000 on 1 January 2022. Also, at acquisition date Thomas Ltd had recorded a dividend payable of $7000 and goodwill (net of accumulated impairment losses of $13000 ) of $5000. Thomas Ltd had not recorded some internally generated brands that Jonathan Ltd considered to have a fair value of $12000. The brand was considered to have an indefinite life. Also not recorded by Thomas Ltd was a contingent liability relating to a current court case in which Thomas Ltd was involved and a supplier was seeking compensation. Jonathan Ltd placed a fair value of $15000 on this liability. This court case was settled in May 2022 at which time Thomas Ltd was required to pay damages of $16000. In February 2021, Thomas Ltd transferred $20000 from the general reserve on hand at 1 July 2020 to retained earnings. A further $15000 was transferred in February 2022. Both companies have an equity account entitled 'Other components of equity' to which certain gains and losses from financial assets are taken. At 1 July 2021, the balances of these accounts were $30000 (Jonathan Ltd) and $15000 (Thomas Ltd). The financial statements of the two companies at 30 June 2022 contained the following information: 3. Complete the consolidated worksheet for 30 June 2022 4. Prepare the consolidated financial statements at 30 June 2022 \begin{tabular}{|l|l|l|l|l|l|l|l|} \hline & Jonathan & ThomasLtd & & \multicolumn{2}{|l|}{ Adjustments } & & Group \\ \hline & 90000 & 64000 & & & & & \\ \hline Revenues & 34000 & 42000 & & & & & \\ \hline Expenses & 56000 & 22000 & & & & & \\ \hline Trading profit & 8000 & 8000 & & & & & \\ \hline Gains(losses)onsaleofnon-currentassets & & & & & & & \\ \hline Profit before tax & 64000 & 30000 & & & & & \\ \hline Income tax expense & 12000 & 5000 & & & & & \\ \hline Profit & 52000 & 25000 & & & & & \\ \hline Retainedearnings(1/7/21) & 103000 & 55000 & & & & & \\ \hline TransferfromBCVR & 0 & 0 & & & & & \\ \hline Transferfromgeneralreserve & 30000 & 15000 & & & & & \\ \hline & 185000 & 95000 & & & & & \\ \hline Dividend paid & 20000 & 0 & & & & & \\ \hline Retainedearnings(30/6r22) & 165000 & 95000 & & & & & \\ \hline Share capital & 150000 & 130000 & & & & & \\ \hline General reserve & 10000 & 20000 & & & & & \\ \hline BCVR & 0 & 0 & & & & & \\ \hline \end{tabular}

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