Northern Ltd acquired 80% of the shares (cum div.) of Bettong Ltd on 1 July 2016 for $399600. At this date, the shareholders equity of Bettong Ltd consisted of:

Share capital General reserve Asset revaluation surplus Retained earnings

$375000 15000 22500 15000

At this date, Bettong Ltds liabilities included a dividend payable of $3000 while the assets included goodwill of $37500. The dividend was paid on 15 August 2016. All the identifiable assets and liabilities of Bettong Ltd at 1 July 2016 had carrying amounts equal to their fair values except for:

	Carrying amount	Fair value
Plant (cost $280000)	$100000	$130000
Brands	150000	165000
Land	90000	120000
Inventory	100000	115000

Note the following in relation to these assets:

?Plant had an estimated useful life of 5 years.

?Brands were assessed to have an indefinite useful life.

?Land was sold on 1 January 2017 for $130000.

?Inventory was all sold outside the group by 30 June 2017.

Northern Ltd uses the partial goodwill method.

During the year ending 30 June 2017, the following events occurred:

(a)Bettong Ltd sold inventory to Northern Ltd for $12000. This inventory had cost Bettong Ltd $8000. At 30 June 2017, one-fifth of this inventory still remained in Northern Ltd.

(b)On 1 April 2017, Bettong Ltd sold plant to Northern Ltd for $22500. The plant had a carrying amount of $15000 in the records of Bettong Ltd at time of sale to Northern Ltd. The asset was classified as inventory by Northern Ltd. It remained unsold at 30 June 2017.

(c)Bettong Ltd recorded, as part of other comprehensive income, gains on revaluation of specialised plant of $7500.

The tax rate is 30%.

Financial information provided by the two companies at 30 June 2017 is as follows:

	Northern Ltd	Bettong Ltd
Sales	$300000	$240000
Other income	110000	50000
Total income	410000	290000
Cost of sales	(220000)	(184000)
Other expenses	(106000)	(51000)
Total expenses	(326000)	(235000)
Trading profit	84000	55000
Gains/(losses) on sale of non-current assets	15000	30000
Profit before tax	99000	85000
Tax expense	(34000)	(28000)
Profit for the year	65000	57000
Retained earnings at 1 July 2016	50000	15000
Transfer from general reserve		12000
	115000	84000
Dividend paid	(20000)	(15000)
Dividend declared	(10000)	(6000)
	(30000)	(21000)
Retained earnings at 30 June 2017	85000	63000
Share capital	500000	375000
General reserve	20000	3000
Asset revaluation surplus		30000
Provisions	15000	10000
Payables	20000	8000
Deferred tax liabilities	5000	2000
Non-current liabilities	120000	50000
Total equity and liabilities	$765000	$541000
Shares in Bettong Ltd	$397200
Plant	460000	$410000
Accumulated depreciation plant	(370000)	(250000)
Land	80000	120000
Brands	100000	170000
Deferred tax assets	8000	8500
Goodwill		37500
Cash	5800	5000
Receivables	2000	5000
Inventory	82000	35000
Total assets	$765000	$541000

Required

Prepare the consolidation worksheet for the preparation of consolidated financial statements by Northern Ltd at 30 June 2017.