A subsidiary sold inventory to its parent for $60000. The inventory had previously cost the subsidiary $48000. By reporting date, the parent had sold 75% of the inventory to a party outside the group. The company tax rate is 30%. Which of the following are the adjustment entries in the consolidation worksheet at reporting date?

I.	Sales revenue	Dr	60000
Cost of sales	Cr	48000
Inventory	Cr	12000
Deferred tax asset	Dr	3 600
Income tax expense	Cr	3 600
II.	Sales revenue	Dr	60000
Cost of sales	Cr	57 000
Inventory	Cr	3 000
Deferred tax asset	Dr	900
Income tax expense	Cr	900
III.	Sales revenue	Dr	45 000
Cost of sales	Cr	36000
Inventory	Cr	9 000
Deferred tax asset	Dr	2 700
Income tax expense	Cr	2 700
IV.	Sales revenue	Dr	15 000
Cost of sales	Cr	12 000
Inventory	Cr	3 000
Deferred tax asset	Dr	900
Income tax expense	Cr	900