Kelly Ltd acquired 70 per cent of the share capital of Slater Ltd on 1 July 2022 for a cost of $300 000. At the date of acquisition all assets were fairly valued, and the balance of share capital and reserves was as follows:

On 15 August 2022 Slater Ltd paid a $50 000 dividend out of pre-acquisition earnings to all shareholders that held shares at 10 July 2022. Non-controlling interest in the acquiree is measured at fair value.

REQUIRED

Using the above information, prepare the consolidation adjustments and eliminations required for the year ended 30 June 2023.

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Share capital Retained earnings Revaluation surplus $ 180 000 50 000 60 000 290 000