Undervalued assets, full goodwill method  LO3, 4, 5, 6 On 1 July 2019, Fur Ltd acquired 75% of the issued shares of Seal Ltd for $191 000 when the equity of Seal Ltd consisted of share capital of $120 000 and retained earnings of $90 000. At this date, all the identifiable assets and liabilities of Seal Ltd were recorded at amounts equal to their fair values except for the following. Carrying amount Fair value Inventories $20 000 $ 26 000 Land 80 000 110 000 Machinery (cost $68 000) 48 000 57 000 In relation to these assets, the following information is available. • All the inventories were sold by 30 June 2020. • The land was revalued in the records of Seal Ltd immediately after the business combination. It was subsequently sold by Seal Ltd on 1 June 2021 for $113 000. At this date, the recorded gains on revaluation of this land taken to other comprehensive income were $3000, the land being revalued to fair value by Seal Ltd immediately prior to sale. • The machinery was considered to have a further useful life of 3 years. The fair value of the non‐controlling interest in Seal Ltd at 1 July 2019 was $63 000. Fur Ltd uses the full goodwill method. The following annual results were recorded by Seal Ltd following the business combination. Year ended Profit/(loss) Other items of comprehensive income 30 June 2020 $15 000 $ 3 000 30 June 2021 34 500 7 500 30 June 2022 (9 000) 10 500 30 June 2023 33 000 4 000 The other items of comprehensive income relate to gains/(losses) on the revaluation of land which is measured at fair value in the records of Seal Ltd. The tax rate is 30%. Required 1. Prepare the consolidation worksheet entries as at 1 July 2019. 2. Prepare the consolidation worksheet entries for the year ended 30 June 2020. 3. Prepare the consolidation worksheet entries for the year ended 30 June 2021. 4. Prepare the consolidation worksheet entries for the year ended 30 June 2022. 5. Prepare the consolidation worksheet entries for the year ended 30 June 2023.