Tine Re ally save as you proceed through the test Artswers QUESTIONS 9: CONSOLIDATION WORKSHEET ENTRIES (20 MARKS) (A) ACQUISITION ANALYSIS (10 MARKS) On 1 July 2022, ABC Ltd acquired all the issued shares of XYZ Lid for $288,000. At this date. the equity of XYZ Ltd consisted of: Share capital $ 200,000 General reserve 10,000 Retained earnings 40,000 All the identifiable assets and liabilities of XYZ Ltd were recorded at amounts equal to their fair values except for: Carrying amount Fair value Plant (cost $200 000) $185,000 $200,000 Land 100,000 120,000 Inventory 10,000 15,000 The tax rate is 30%. Question 11 Required Prepare an acquisition analysis at 1 July 2022 by ABC Ltd