Question: Please no handwriting, just type the answer. Please do NOT use AI (ChatGPT) Chen Ltd acquired all the issued share capital of Wang Ltd on

Please no handwriting, just type the answer. Please do NOT use AI (ChatGPT)

Please no handwriting, just type the answer.Please no handwriting, just type the answer.Please no handwriting, just type the answer.
Chen Ltd acquired all the issued share capital of Wang Ltd on 1 July 2020 for cash $2,000,000. At the date of acquisition, all assets of Wang Ltd were recorded at fair value, except for land. which had a carrying amount $250,000 less than its fair value. The recorded balances of equity in Wang Ltd as at 1 July 2020 were: Share capital $1,250,000 Retained earnings _$ 230, $1,530,000 The following additional information is available: - During the financial year ended 30 June 2022, 1|v'i.I"ang Ltd sold inventory for $130000 to Chen Ltd. This inventory had cost Wang Ltd $100000 to produce. Chen soon sold all inventory to Sam Ltd for $180000 on 30 June 2022. - 0n 1 July 2021, Chen Ltd sold an item of equipment to Wang Ltd for $116000 when its carrying amount was $81,000 {the original cost was $135000]. At the date of sale, the equipment had a remaining useful life of five years with a zero residual value. - [in 1 July 2022, 1|v'ii'ang Ltd lent $200,000 to Chen Ltd. $2,000 interest was paid by |IIIhen at the end of the year. - Goodwill had been impaired by 109:3 in the first year following the acquisition. During the year ended 30 June 2023, it was considered that the goodwill has been further impaired by an amount of $11000. Required: Prepare all required consolidation journal entries for the financial year ended 30 June 2023. (Narrations are not required).\f

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