Accounting Standards Boar

Acquisition of Saban Ltd 
On 1st January 2010, Habiki Ltd acquired 90% of the share capital (ex div) of Saban Ltd for $14,500,000. At this date, the accounts of Saban Ltd included the following balances: 
Share capital (9,000,000 shares) $9,000,000 
General reserve 2,100,000 
Retained profits 1,050,000 
Dividends payable 900,000 

All of the identifiable net assets of Saban Ltd were recorded at fair value except for Patents which had a fair value of $1,180,000 above the carrying amount. Adjustments for the differences are made on consolidation and tax-effect entries are needed.

On the 15 June 2011, Saban Ltd paid a cash dividend of $450,000 (appropriated from pre-acquisition profits). This amount was recognised as revenue by Habiki Ltd. The Financial Controller of Habiki Ltd felt that the dividend had impaired the value of the company’s investment in Saban Ltd and subsequently records an impairment of the Investment in Saban Account for the applicable amounts received as a dividend.

Additional information and detailed accounting in attachments

Required:
Consolidate Habiki Ltd and Saban Ltd: 
(a) Prepare the consolidation journal entries, with narrations, and the consolidated worksheet (using Excel) to consolidate HABIKI Ltd and SABAN Ltd for the year ended 31st December 2014. 

(b) Produce the completed Consolidated Financial Reports (Statement of Comprehensive Income and Statement of Financial Position) for the year ended 31stDecember 2014. You are advised to comply with AASB standards and the requirements in the Australian Corporations Legislation when determining the structure and presentation requirements for the financial reports in preparing the financial statements for this assignment. 

please follow Australian Accounting Standard Board standards and requirements in the Australian corporations Legislation