Question

On $30$ June $2022,$ Roxy Ltd acquired $100$ of the issued capital of Box Hill Ltd by $$500,000.$ At that date, the statement of financial position of Box Hill Ltd reported the share capital, retained earnings and reserve of: $$350,000,$ retained earnings $$100,000$ and revaluation surplus $$30,000.$

At the date of acquisition, all of the assets acquired and the liabilities assumed were valued at fair value. On $30$ June $2023$ Box Hill Ltd declared $$20,000$ of dividend.

The reconciliation of retained earnings and statement of financial position of Roxy Ltd and Box Hill Ltd as at $30$ June $2023$ were as follows:

$\backslash$table$[[,\backslash$table$[[$Roxy$],[$Ltd $(]],\backslash$table$[[$Box Hill$],[$Ltd $(]]],[$Reconciliation of opening and closing retained earning,,$],[$Profit before tax,,$],[$Less Income tax expense,$250,000,100,000],[$Profit after tax,$75,000,30,000],[$Add opening retained earnings,$175,000,70,000],[$Less dividend declared,$400,000,100,000],[$Closing retained earnings,$75,000,20,000],[$Statement of financial position,$500,000,150,000],[$Shareholders$\text{'}$ equity,,$],[$Retained earnings,,$],[$Share capital,$500,000,150,000],[$Reserve$,700,000,350,000],[$Liabilities$,200,000,30,000],[$Provisions$,,],[$Accounts Payables,$150,000,25,000],[$Dividend payable,$130,000,60,000],[$Deferred tax liabilities,,$20,000],[$Bank Loan,$20,000,7,000],[$Total equity & liabilities,$40,000,15,000],[$Current assets,$1,740,000,657,000],[$Cash at Bank,,$],[$Accounts Receivable,$80,000,10,000],[$Inventories$,35,000,20,000],[$Dividend receivable,$105,000,65,000],[$Non$-$current assets,$75,000,-],[$Land$,,],[$Building$,400,000,250,000],[$Equipment$,135,000,92,000],[$Investment in Larry Ltd$,410,000,220,000],[$Goodwill$,500,000,],[$Total Assets,,$-],[,1,740,000,657,000],[,,]]$

Required:

a$.$ Calculate goodwill on the date of acquisition

b$.$ Prepare the consolidated journal entry to eliminate investment in Box Hill Ltd at $30$ June $2023.$

c$.$ Prepare the consolidated joumal entries to eliminate intragroup dividend proposed$/$dividend income and dividend payable$/$dividend receivable at $30$ June $2023.$

d$.$ Complete the consolidation worksheet for Roxy and its controlled entity Box Hill Ltd for period ending $30$ June $2023$ by using the Excel Spreadsheet.

Note: Please copy the Excel Spreadsheet and paste on the word document.