I am stuck with the how we do acquisition analysis and journal entries for those transactions.

ACCTZODZ Assessment 1 Part A Question 1 (40 marks) 0n 1 July 2019, James Ltd acquired all the issued shares of Kelly Ltd for $200,000. At this date, the nancial statements of Kelly Ltd showed the following: 40.800 Total equity 146,300 At acquisition date, all the net identiable assets and liabilities in Kelly Ltd were recorded at amounts equal to their fair value except for: \" 80.000 83.000 Plant cost $40 000 10 000 20 000 The records also showed that the company had recorded existing goodwill of $15,000. The Plant was calculated to have a further life of 5 m was depreciated on a straight- line basis. All inventory was sold by 30June 2020. Assume 30% tax rate Required: (a) Prepare the acquisition analysis at 1 July 2019. (6 marks) (b) Prepare the general journal entries at acquisition date, 1 July 2019. Include narrations for each entry. (15 marks) (c) Prepare the consolidation worksheet as at 1 July 2019. (13 marks) (d) Prepare a Balance sheet for the reporting Group, James Ltd as at 1 July 2019 in narrative format. (6 marks)