1. FX Ltd owns 100 per cent of Tech Ltd. On 1 July 2017 FX Ltd sells an item of plant to tech Ltd for $3.6 million. This plant cost FX Ltd $4.8 million and had accumulated depreciation of $1.8 million at the date of the sale. The remaining useful life of the plant is assessed as 12 years. The tax rate is 30 per cent. Provide the consolidated journal entries for 30 June 2018 to adjust the above sale. (6 Marks) 2. The opening inventory in FX Ltd as at 1 July 2018 included inventory acquired from Tech Ltd for $52,500 that cost Tech Ltd $43,750 to produce. The tax rate is 30 per cent. Assume that the inventory has been sold to an external party in the current period. Provide the consolidated journal entry to adjust the above intra group sale of inventory. 1. FX Ltd owns 100 per cent of Tech Ltd. On 1 July 2017 FX Ltd sells an item of plant to tech Ltd for $3.6 million. This plant cost FX Ltd $4.8 million and had accumulated depreciation of $1.8 million at the date of the sale. The remaining useful life of the plant is assessed as 12 years. The tax rate is 30 per cent. Provide the consolidated journal entries for 30 June 2018 to adjust the above sale. (6 Marks) 2. The opening inventory in FX Ltd as at 1 July 2018 included inventory acquired from Tech Ltd for $52,500 that cost Tech Ltd $43,750 to produce. The tax rate is 30 per cent. Assume that the inventory has been sold to an external party in the current period. Provide the consolidated journal entry to adjust the above intra group sale of inventory