Question: Dear expert, could you please answer this question? it will be greatly appreciated. Thank you. On 1 July 2017, Ukulele Ltd acquired 40% of the

Dear expert, could you please answer this question? it will be greatly appreciated. Thank you.

On 1 July 2017, Ukulele Ltd acquired 40% of the shares of Bongo Ltd for $99,400. At this date, all the identifiable assets and liabilities of Bongo Ltd were recorded at amounts equal to fair value except for inventory which had a fair value $10,000 greater than the carrying amount. All inventory was sold by 30 June 2018. The tax rate is 30%. Bongo Ltd was classified as an associate of Ukulele Ltd.

The profits and losses recorded by Bongo Ltd from the next 6 years were as follows:

2017-18

$30,100

2018-19

5,100

2019-20

(250,000)

2020-21

(49,900)

2021-22

15,000

2022-23

20,000

Required

Prepare the journal entries for the consolidation worksheet of Ukulele Ltd for the equity accounting of Bongo Ltd in each of the years from 2017-23

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