Undervalued assets, partial goodwill method, dividends  LO3, 4, 5, 6 On 1 July 2016, Leo Ltd acquired 80% of the issued shares of Bobby Ltd for $240 000 when the equity of Bobby Ltd consisted of: Share capital $160 000 General reserve 10 000 Retained earnings 59 000 At this date, all identifiable assets and liabilities of Bobby Ltd were recorded at fair value except for the following. Carrying amount Fair value Inventories $10 000 $14 000 Plant (cost $220 000) 90 000 99 000 Land 70 000 87 000 Half of the inventories were sold by 30 June 2017 and the remainder by 30 June 2018. The plant has a further 3‐year life beyond 1 July 2016, with benefits to be received evenly over this period. The land was sold on 1 March 2020 to an external party. Adjustments for the differences between carrying amounts and fair values are to be made in the consolidation worksheet. Leo Ltd uses the partial goodwill method. The tax rate is 30%. During the 4 years since acquisition, Bobby Ltd has recorded the following annual results and declared the following dividends. Year ended Profit (loss) Dividends 30 June 2017 $ 15 000 $ 5 000 30 June 2018 20 000 10 000 30 June 2019 (5 000) 1 000 30 June 2020 20 000 14 000 Dividends were paid within 6 weeks of the end of each period. There have been no transfers to or from the general reserve since the acquisition date. Required 1. Prepare the consolidation worksheet entries as at 1 July 2016. 2. Prepare the consolidation worksheet entries for the year ended 30 June 2017. 3. Prepare the consolidation worksheet entries for the year ended 30 June 2018. 4. Prepare the consolidation worksheet entries for the year ended 30 June 2019. 5. Prepare the consolidation worksheet entries for the year ended 30 June 2020.