Grape Ltd acquired all the issued shares of Duck Ltd for $940 000 cash on 1 July 2020. The following information is avai

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Grape Ltd acquired all the issued shares of Duck Ltd for $940
000 cash on 1 July 2020. The following information is available at
this acquisition date: The equity of Duck Ltd is provided below:
Share capital $495 000 00000 Retained earnings 280 000 General
reserve 125 000 All the identifiable assets and liabilities of Duck
Ltd were recorded at fair value in the statement of financial
position. The company income tax rate is 30%. The following
transactions and events occurred during the year ended 30 June
2021: 1. During the year Grape Ltd sold inventory to Duck Ltd for
$55,000 at cost plus 20%. Duck Ltd has sold 10% of these items
externally as at 30 June 2021. 2. On 1 April 2021, Duck Ltd sold an
item of inventory to Grape Ltd for $28,000. This inventory had cost
Duck Ltd $20,000. Grape Ltd treated the item as plant and will
depreciate it at 20% p.a. 3. Grape Ltd sold land to Duck Ltd for
$25,000 which had originally cost $32,000. 4. Dividends: Duck Ltd
paid $18 000 interim dividends in September 2020, and Grape Ltd
declared $26 000 dividends in May 2021 (to be paid in October
2021). 5. On 1 July 2020, Grape Ltd provided an office for Duck
Ltd’s administrative staff to use. Grape Ltd charges $700 per
month. The last rental receipt received by Grape Ltd was on 30
April 2021. Part (b) Prepare the consolidation entries as at 30
June 2021 in excel using the template below. Include narrations for
each entry: (28 marks) Date Particulars Reference Debit Credit Part
(c): Worksheet (24 marks) Using excel, prepare the consolidation
worksheet as at 30 June 2021, showing all entries including the
corrected entries discussed in Part (a). Each entry needs to be
entered as a separate amount and not entered as subtotals in the
worksheet. Round your answers to zero decimal places. The worksheet
template is provided below. Ref Grape Ltd ($) 180,000 Group ($)
Duck Ltd ($) 131,000 Adjustments Debit ($) Credit ($) Sales revenue
Cost of sales (88,000 Duck Grape Ltd ($) Group ($) Ref Adjustments
Debit ($) Credit ($) Ltd ($) 38,700 1,400 737,000 74,120 26,000
50,000 887,120 1 Part (d): Group financial statements (12 marks)
Using excel, prepare the Statement of Financial position for Grape
Ltd as at 30 June 2021.