Referencing Styles : Harvard The following events occurred in the year ending 30 June 2016.• On 12 August 2015 William Ltd paid the dividend that existed at 1 July 2015.• On 1 December 2015 William Ltd transferred $17 000 from the general reserve existing at1 July 2015 to retained earnings.• On 1 January 2016 William Ltd made a call of 10c per share on its issued shares. WilliamLtd had 100 000 shares on issue. All call money was received by 31 January 2016.• On 29 June 2016 William Ltd reassessed the lia … View More The following events occurred in the year ending 30 June 2016. • On 12 August 2015 William Ltd paid the dividend that existed at 1 July 2015. • On 1 December 2015 William Ltd transferred $17 000 from the general reserve existing at 1 July 2015 to retained earnings. • On 1 January 2016 William Ltd made a call of 10c per share on its issued shares. William Ltd had 100 000 shares on issue. All call money was received by 31 January 2016. • On 29 June 2016 William Ltd reassessed the liability in relation to the court case as the chances of winning the case had improved. The fair value was now considered to be $2000. Required 1. Calculate the acquisition analysis (5 marks) 2. Prepare the consolidation worksheet entries for the preparation by Zack Ltd of its consolidated financial statements at 30 June 2016. (10 marks) Question 2 (15 MARKS) Statement of profit or loss and other comprehensive income (classify expenses by function), statement of financial position and statement of changes in equity. Additional information (a) Administrative expenses for the year include interest expense of $28 700. (b) All assets are carried at cost, except for land and buildings which are carried at valuation. (c) During the year, 50 000 shares were issued at an issue price of $2 each, payable in full on application. (d) On 30 June 2018, the directors revalued land and buildings. The revaluation was based on an independent valuation received from FJ Holden, Registered Valuer. The valuation was based on fair values. The carrying amounts of land and buildings before the revaluation were $195 000 and $350 000 respectively. (e) The mortgage loan is repayable in annual instalments of $50 000 due on 1 March each year. (f) The 7% debentures are to be redeemed on 31 March 2019. There is no plan to refinance these debentures in the future. (g) The provision for employee benefits consists of: Annual leave Long-service leave $18 000 16 200 (h) No employee is eligible for long-service leave until 2022. (i) The company tax rate is 30%. Required A. Prepare a statement of profit or loss and other comprehensive income for Black Hole Ltd for the year ended 30 June 2018, according to the requirements of AASB 101 (classify expenses by function). (4 marks) B. Prepare a statement of financial position for Black Hole Ltd as at 30 June 2018 to comply with AASB 101. (8 marks) C. Prepare a statement of changes in equity for Black Hole Ltd for the year ended 30 June 2018, according to the requirements of AASB 101. (3 marks) [Comparative information must be disclosed in respect of the preceding period for all amounts reported in the current period’s financial statements in accordance with AASB 101 paragraph 38. However this information is not provided in the question]. Read Less