Our Accounts Clerk prepared an acquisition analysis and calculated a gain on bargain purchase of $160,000...

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Our Accounts Clerk prepared an acquisition analysis and calculated a gain on bargain purchase of $160,000 (being $112,000 cash paid less the subsidiary's equity acquired of $272,000) to be reported as income in the accounts. Is this correct? It was a fantastic bargain and we were able to sell 90% of the existing inventories of Kleen from the acquisition to one of our major customer's. This generated huge profits for the group over the past year. What journal entries (if any) do I need to make for 30 June 2023 to prepare the consolidated financial statements? Please show all workings and explain each journal entry, as I need to be able to respond to questions from the Board of Directors. Our Accounts Clerk prepared an acquisition analysis and calculated a gain on bargain purchase of $160,000 (being $112,000 cash paid less the subsidiary's equity acquired of $272,000) to be reported as income in the accounts. Is this correct? It was a fantastic bargain and we were able to sell 90% of the existing inventories of Kleen from the acquisition to one of our major customer's. This generated huge profits for the group over the past year. What journal entries (if any) do I need to make for 30 June 2023 to prepare the consolidated financial statements? Please show all workings and explain each journal entry, as I need to be able to respond to questions from the Board of Directors.