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On 1 July 2020, Tina Ltd acquired all the issued shares of Chris Ltd, paying $250,000 cash and transferring 50,000 of its own shares to ChrisLtd's former shareholders. At that date, the financial statements of Chris Ltd showed the following information.
Share capital $100,000
General reserve $80,000
Retained earnings $125,000
All the assets and liabilities of Chris Ltd were recorded at amounts equal to their fair values at the acquisition date other than land, which had a carrying amount of $100,000 and a fair value of $120,000. The fair value of TinaLtd's shares at acquisition date was $2 per share. The tax rate is 30%
Required
Question i) Prepare the acquisition analysis for Tina's acquisition of the shares of Chris at 1 July 2020.
Question ii) Prepare the consolidation worksheet entries for Tina Ltd's group at 1 July 2019, assuming Chris does not revalue the land in its own general ledger.
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