Question 1 (20 marks) Consolidation of wholly owned subsidiary, pre-acquisition equity and BCVR entries for assets and liabilities Lisa Ltd acquired all the issued shares of Kam Ltd on 1 January 2016 for $88 000. At this date the equity of Kam Ltd consisted of: All the identifiable assets and liabilities of Kam Ltd were recorded at amounts equal to their fair values except for: Of the inventory on hand at 1 January 2016, 90% was sold by 30 June 2016. The remainder was all sold by 30 June 2017. The Fixtures & Fittings was considered to have a further 2-year life with benefits to be received equally in each of those years. There were no records in the books for a provision of legal claim worth 15,000 and patents of 90,000. These were reflected at fair value. The tax rate is 30%. Required Prepare the consolidated worksheet entries for the consolidated financial statements prepared by Lisa Ltd at 30 June 2016. Show acquisition analysis calculation, BCVR entries and Pre-acquisition entries for 30.6.16 Question 2 (10 marks) The following information has been extracted from the accounting records of Samoa Ltd for the year ended 30 June 2016: Required Prepare a statement of profit or loss and other comprehensive income for Samoa Ltd, for the year ended 30 June 2016, and notes to the accounts in compliance with AASB 101. Please classify expenses by function.