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During the your Hobart Lid made total sales to Devonport Lid of $160 000, and Devonport Lid sold $135 000 in inventory to Hobert Lid. . The closing inventory in Hobart Lid includes inventory soquired from Devonport Lid at cost of $80 000. This had cost Devonport Lid $70 000 to produce. . . The closing inventory in Devonport Lid includes inventory acquired from Hobart Lid at a cost of $35 000. This had cost Hobart Lid $25 000 to produce. The opening inventory in Hobart Ltd as at 1 July 2018 included inventory acquired from Devonport Ltd of $100 000 that had cost Devonport Lid $87 000 to produce. . On 1 July 2018 Hobart Ltd sold an item of plant to Devonport Ltd for $280 000 when its carrying value in Hobart Ltd's accounts was $200 000 (cost $337 500, accumulated depreciation $137 500). This plant is assessed as having a remaining useful life of six years. The Group has a policy of measuring its property, plant and equipment using the *cost model'. . The management of Hobart Ltd believes that goodwill acquired was impaired by $7 000 in the current financial year. Previous impairments of goodwill amounted to $56 250. . Devonport Led paid $60 000 in management fees to Hobart Lid. . Devonport Ltd paid $200 000 as dividend to its shareholders.Question 1 Prepare consolidation journal entries required for Hobart Lid and its subsidiary Devonport Lid on 30 June 2019. Hobart Ltd acquired its 80 per cent interest in Devonport Lid on 1 July 2011, that is, eight years earlier. The cost of the investment was $890 000. At that date the capital and reserves of Devonport Ltd were: Share capital 500 000 Retained earnings 425 000 925 000 At the date of acquisition all assets were considered to be fairly valued. . The management of Hobart Ltd measures any non-controlling interest at the proportionat share of Devonport Ltd's identifiable net assets (i.e. the non-controlling interest has no goodwill). . During the year Hobart Ltd made total sales to Devonport Ltd of $160 000, and $125 000 in inventory " Hobart Ltd.Devonport Led paid $60 000 in management fees to Hobart Ltd. . Devonport Ltd paid $200 000 as dividend to its shareholders. . On 30 June 2019 Devonport Ltd had retained earnings of $525 000. . During the fiscal year of 2019, Devonport Lid had profit of $250 000. The tax rate is 30 per cent. Question 1 Type your answer here. [48 marks] Unanswered