6-5 . Gotham Ltd purchased 100% of the issued shares in City Ltd on 1 July 2013 for $70 000. City Ltd's assets were all recorded at fair value, except for land which was undervalued by $12,000. On acquisition shareholders' mds of City Ltd were as follows: Contributed capital $50 000 Retained earnings/(loss) $12 0001 48 000 . Directors determined that $1,000 be recognised annually (at the end of each nancial year) for goodwill impairment loss. During the nancial year ending 30 June 2017: 4. 6. 7. Intra-group sales were $60 000, of which the following amounts of unrealised prot were in inventory: at the beginning of the year $9,000; at the end of the year $45,000. On 1 July 2013 City Ltd sold an item of plant to Gotham Ltd making a prot on sale of $1,000. On sale, the plant had accumulated depreciation of $25,000 and a remaining life of 4 years. Gotham Ltd charged City Ltd a management fee of $8,000, which was paid. Gotham Ltd declared and paid dividends of $2? 000. City Ltd declared and paid dividends of $7 000. Required: Prepare all consolidationfelimination journal entries for the year ending 30 June 2017 assuming a tax rate of 30%