Question 5 Using the information below you are required to complete the Consolidation Journal as at 30 June 2016 according to organisational policy and procedures applicable to Ryan Limited listed above. AASB 10 Consolidated Financial Statements and the accounting policy and procedures listed above must be followed. e The company tax rate is 30%. On 1 July 2011 Ryan Limited purchased all of the 500,000 issued shares in Seiler Limited. It paid the shareholders of Seiler Limited $2.00 per share. At the date of acquisition, the 'equity' and 'asset' position of Seiler Limited are listed below at fair market value: [ FNSACC524_Preparing Financial Reports ] { Task3o0f3 ] [ 22/02/2023] Student product assessment task Content is subject to copyright, RMIT University FINAL APPROVED STUDENT PRODUCT ASSESSMENT TASK TEMPLATE June 2019_Version 2.0 Page 4 of 17 Shareholder's Funds Share Capital $400 000 Reserves $300 000 Retained Profits $200 000 Assets: Accounts Receivable $240 000 Inventory $600 000 Property Plant & Equipment $1,900 000 Note that some adjustments may involve more than one entry. Additional Information: 1. Seiler Ltd sold goods to Ryan Ltd during the year for $300,000 and Ryan Ltd sold goods to Seiler Ltd during the year for $175,000. Unrealized profit in closing stock amounted to $20,000 Ryan loaned Seiler $600,000 during the year. As at 30 June, 2016 none of the principal had been repaid. $30,000 interest had been paid to Ryan for the loan. Ryan Limited charged Seiler Limited management fees of $130 000. Directors deem goodwill to be supported by future economic benefit, so no further action is required Ryan Ltd sold office equipment to Seiler Ltd at a fair sale price of $30,000 on 1 July, 2015. The equipment had a cost price when originally purchased by Ryan Ltd of $35,000 and organizational policy states that the depreciation is to be charged at 10% per annum using straight line depreciation. NOY SwWHr \f