ABC ltd acquired 100% share of XYZ Ltd on 1 July 2020. The investment costs 650,000. The capital and reserves of XYZ at that time was:

Share capital 245,000

Retained earnings 115,000

All assets of acquisition were fairly valued except a plant that had fair value 30,000 higher than its carrying amount. The plant was cost 100,000 and its accumulated depreciation of 60,000. Plants original estimated useful life is 10 years.

In F/Y22-23

• ABC made total sales in inventory to XYZ of $51,000, while XYZ sold $76,000 in inventory to ABC. These inventories are expected to be sold to external parties.
• The closing inventory in ABC includes inventory acquired from XYZ at a cost of $36,000. This cost XYZ $29,000 to purchase. XYZ sold all inventory acquired from Swan River to external parties during the year

Requirement: Adjustment/elimination journal entries for consolidation as at 30 June 2023 (accounting for corporation)