7. During the financial year, Seru Limited has a cost of sales amounting to $305,000. Opening balances were: inventory $42.000; accounts payable $32,000. Closing balances were: inventory $47,000; accounts payable $24,000. A discount of $2,000 for prompt payment was received. The amount of cash paid for goods purchased during the year was: $320,000 $300,000 $316,000 $300,000 a b d 8. a b Bale Limited acquired 100% of the shares in Tima Limited on a cum div. basis for $200 000. At acquisition date, the subsidiary had a declared dividend of $10 000. The pre-acquisition elimination entry must include the following line: DR Shares in subsidiary $190 000 CR Shares in subsidiary $200 000 CR Shares in subsidiary $190 000 CR Shares in subsidiary $10 000 d 9 A group of entities comprised of Ke Limited (parent entity), Geo Limited (subsidiary entity) and Em Limited (subsidiary entity) have the following inventory balances. - Ke Limited $41 000 - Geo Limited $14 000 - Em Limited $12 000 Which of the following amounts is shown as the consolidated inventory balance in the consolidated financial statements? $12 000 $14 000 $26 000 $67 000 a b d