Question $3$On $1$ July $2020$ Tiger Ltd acquired $100\%$ of the issued shares of Cobra Ltd for $$150000.$ At the date of acquisition, the shareholders; equity of Cobra Ltd consisted of: $Share capital$120000$Retained earnings $30000150000$ At $30$ June $2022,$ two years after acquisition, the accounts of the two companies appear as follows: Tiger LtdCobra Ltd $$Sales$250000110000$Cost of sales$13300046000$Gross profit$11700064000$Depreciation expenses $2500015000$Rent expenses $-4000$Other expenses $4200030000$Total expenses $67000490005000015000$Other income Profit on sale of equipment $7000-$Rent revenue $4000-$Total other income $11000$ Operating profit before tax $6100015000$Income tax expense $190005000$Operating profit after tax $4200010000$Retained earnings $1$ July $20213000035000$Available for appropriation $7200045000$Dividends paid $35000-$Retained earnings $30$ June $20223700045000$Share capital$300000120000$Creditors and borrowings $3500015000$Other liabilities $600005000432000185000$Assets Cash at bank $30002000$Accounts receivable $3500030000$Inventory $2500010000$Investment in Cobra Ltd$150000-$Equipment$11500070000$Accumulated depreciation$(60000)(21000)$Land and buildings $($net$)14400079000$Other assets $2000015000432000185000$ Additional information:a$)$ The identifiable net assets of Cobra Ltd were recorded at fair value at the date of acquisitionb$)$ During the financial year, Cobra paid rent of $$4000$ to Tigerc$)$ The opening stock of Cobra Ltd includes unrealised profit of $$2000$ on inventory transferred from Tiger during the prior financial year. All of this inventory was sold by Cobra to parties external to the group during the current financial year.d$)$ Tiger sold inventory to Cobra for $$15000$ during the year. This inventory had an original cost to Tiger of $$10000.$ One half of this inventory was sold to external entities by Cobra during the year.e$)$ An item of equipment owned by Tiger Ltd and originally acquired on $1$ July $2020($cost of $$30000$ and accumulated depreciation of $$6000)$ was sold to Cobra for $$25000$ on $1$ July $2021.$ Tiger depreciated this asset at $20\%$ straight$-$line on original cost. On acquiring the asset, Cobra assessed that the equipment had a remaining economic life of four years and therefore has applied a $25\%$ depreciation rate $($straight$-$line$)$ from the date of transfer of the asset.f$)$ The tax rate is $30\%$ Required:Prepare an acquisition analysis and the consolidation journal entries necessary to prepare consolidated accounts for the year ending $30$ June $2022$ for the group comprising Tiger Ltd and Cobra Ltd$.$