The statement of nancial position of Columba Ltd. at December 31, 2011, was as follows: The recorded

The statement of financial position of Columba Ltd. at December 31, 2011, was as follows:

The recorded amounts of Columba€™s identifiable assets and liabilities at this date were equal to their fair values except for inventory and plant and equipment, whose fair values were $50,000 and $236,000, respectively. The plant and equipment has a further five year life. Allthe inventory was sold by Columba by December 2012. The tax rate is 40%.
On January 1, 2012, Centaurus Inc. acquired all the shares (cum div.) in Columba, giving in exchange 50,000 shares in Centaurus, with a fair value at acquisition date of $5 per share. Costs incurred by Centaurus in undertaking the acquisition amounted to $10,000. The dividend payable was paid in August 2012.
Required
Prepare the consolidation process adjustments for the preparation of consolidated financial statements at December 31, 2013.

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COLUMBA LTD Statement of Financial Position as at December 31, 2011 $150,000 98,000 248,000 10,000 24,000 34,000 $282,000 44,000 Share capital (150,000 shares) Retained earnings Total equity Dividend payable Other liabilities Total liabilities Total equity and liabilities Inventory Non-current assets: Plant and equipment Goodwill Total assets $232,000 6,000 238,000 $282,000