This is all the information supplied
Required:
Provide the pro forma journal entries to prepare the Consolidated Financial Statements of the Whale Limited group for the year ended 31 December 2021. (22 MARKS)

QUESTION 2 (55 marks) You are presented with the following trial balances for Whale Limited and Shark Limited as at 31 December 2021: Debits Dividend paid: 31 May 2021 Dividend paid: 30 November 2021 Property, plant and equipment Investment in Shark Limited Income tax expense Trade receivables Credits Share capital Retained earnings (1 January 2021) Trade payables Profit before tax Whale Limited R 100 000 235 350 720 000 156 200 35 420 1 246 970 100 000 566 870 25 400 554 700 1 246 970 Shark Limited R 25 000 50 000 888 340 Additional information: Whale Limited purchased 80% of the shares in Shark Limited on 1 July 2021. At the acquisition date, Whale Limited considered the carrying amount of the identifiable net assets of Shark Limited to be equal to their acquisition fair values. On 1 July 2021, Shark Limited's trial balance showed a profit before tax of R122 450 and an income tax expense of R31 740. Whale Limited measured the non-controlling interest at its at acquisition date fair value of R180 000. Whale Limited measures its investment in Shark Limited at cost price. 65 480 34 200 1 063 020 200 000 587 800 22 520 252 700 1 063 020