1: FX Ltd owns 100 percent of Tech Ltd. On 1 July 2017, FX Ltd sold 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 percent. Provide the consolidated journal entries for 30 June 2018 to adjust the sale.

2: The opening inventory in FX Ltd as of 1 July 2018 included inventory acquired from Tech Ltd for #52,500, which cost Tech Ltd $ 43,750 to produce. The tax rate is 30 percent. Assume that the inventory has been sold to an external entity in the current period. Provide the consolidated journal entries to adjust the intra-group sale of inventory.