You will need to use Excel or Word to answer this question and then upload your file. Please ensure that you leave yourself enough time to upload your file responses. It is recommended that you upload your file as you complete a file response question. Consolidated Financial Statements - Non-controlling Interest. On 1 July 2021, Marriott Ltd acquired 75% of Opal Lid's share capital for $930,000. At acquisition date, Vale Opal Ltd's equity consisted of: Share capital $800,000 General reserve 300,000 Retained earnings 275,000 At acquisition date, all the identifiable assets and liabilities of Opal Lid were recorded at amounts equal to fair value, except for: Carrying Amount Fair Value Remaining Useful Life Inventory $13,000 $14,250 Equipment (cost $450,000) $281,250 $290,000 8 years Additional Information: . Of the revalued inventory only 90% was sold during the year ended 30 June 2022. The remaining 10% of the inventory was sold in July 2022. . The revalued equipment is still held by Opal Lid at 30 June 2023 and is depreciated using the straight-line method. . Details of Opal Ltd's retained earnings balance at 30 June 2023 are provided below:Retained earnings (01/07/22) $355,000 Profit 48,000 403,000 Dividends paid (3,500) Dividend declare (4,200) Transfer from general reserve 15,000 Retained earnings (30/06/23) 410,300 . Opal Ltd's dividends paid and the general reserve movement during the year ended 30 June 2023 were from pre-acquisition earnings. . On 1/1/2022, Opal Lid sold equipment to Marriott Ltd, for $27,000. The carrying amount of at the time of sale was $22,000. The remaining useful life of the equipment was 10 years. . During the year ending 30 June 2022, Opal Lid sold inventory to Marriott Lid for $16,000, recording a profit before tax of $3,000. By 30 June 2023, 40% of the inventory remained unsold by Marriott Ltd. . Marriott Limited receives $15,000 per year for management consulting services provided to Opal Ltd. . The tax rate is 30%. Required: 1. Prepare an acquisition analysis as at date of acquisition using the partial goodwill method. (3 marks) 2. Prepare all journal entries required for consolidation purposes at 30 June 2023. (12 marks)