31. Companies A, B and C are all part of the one economic entity, but are all separate legal entities required to prepare their own financial statements. Company A sold Company B inventory that cost $56 000 for $78 000. At the end of the same period Company B has three-quarters of that inventory still on hand and the rest has been sold to an entity outside the economic group. At what amount should the inventory remaining in Company B be recorded in the consolidated statements?

34. French Ltd owns 100% of the issued capital of Pastry Ltd. During the period ended 30 June 2014, Pastry Ltd sold inventory that cost $190 000 for $300 000 to French Ltd. Sixty per cent of this inventory remains on hand in French Ltd at the end of that year. Both companies use a perpetual inventory system. The taxation rate is 30%. What consolidation journal entries are required in relation to the inter-company transaction for the period ending 30 June 2015?

35. Belgium Ltd owns all the issued capital of Chocolate Ltd. During the period ended 30 June 2015, Belgium Ltd sold Chocolate Ltd inventory that had a cost of $200 000 for $270 000. At the end of the current period Chocolate Ltd had 75% of that inventory still on hand; the rest was sold to entities external to the group. During the previous period Chocolate Ltd had sold inventory to Belgium Ltd at a profit of $49 000. At the end of that period (30 June 2014) Belgium Ltd still had 40% of that inventory on hand. That entire inventory was sold to parties external to the group during the current year. The taxation rate is 30% and both companies use a perpetual inventory system. What consolidation journal entries are required to eliminate the effects of these transactions for the period ended 30 June 2015?