Apple Ltd owns all the share capital of Orange Ltd. The following transactions relate to the financial year ended 30 June 2020. The tax rate is 30%.

a) During the year ended 30 June 2020, Orange Ltd sold $200,000 worth of inventory to Apple Ltd. Orange Ltd recorded a $40,000 profit before tax on this transaction. Apple Ltd has one-quarter of the inventory still on hand at the end of the financial year.

b) On 25 June 2020, Apple Ltd declared a dividend of $40,000. On the same day Orange Ltd declared a $20,000 dividend.

c) On 1 December 2019, Orange leased surplus office space to Apple, at a rental payment of $18,000 per month. Rent is payable half-yearly in advance, on 1 December and 1 June each year.

Question:

Prepare the Consolidation Journal entries for the financial year ended 30 June 2020. (Narrations are NOT required).