ABC ltd is the parent company holding 75 percent interest in the XYZ ltd. The following are the intragroup transactions for the period ended 30 June 2016: (i) During the period XYZ Ltd sold inventory to ABC Ltd at a price of $120000. The cost of the inventory to XYZ ltd was $84000. Forty percent of the inventory is still on hand of ABC Ltd at the end of the period. (ii) During the period, XYZ Ltd paid service fees to ABC Ltd amounting to $ 120000 and ABC Ltd paid consultancy fees to XYZ Ltd amounting to $100000. (iii) At the end of the year, XYZ declared a dividend amounting to $60000. ABC Ltd also declared a dividend amounting to $80000. (iv) One year ago, at 1 July 2015, XYZ Ltd sold an equipment to ABC Ltd for a price of $360000. At the time of the sale, the carrying value of the equipment in the XYZ Ltds account was $220000 and the accumulated depreciation was $200000. ABC is depreciating the equipment over a further 10 years period. The expected salvage value is zero. Assume a corporate tax rate of 30 percent. Required: For each of the above independent cases, provide adjusting entries necessary to eliminate the effect of intragroup transaction at 30 June 2016 (4*2.5 =10 marks)