asrfy ltd bought 100% of issued shares in milo Ltd on 1 july 2018.the following transactions occured between aarfy and milo during the year ended 30 june 2020

During the year ending 30 june 2020,milo sold inventory to aarfy for $80,000.at cost plus 25%.by the end of the year ending 30 june 2020,aarfy had sold one-quarter of the inventory to pixel ltd for $72,000 and the remaining three-quaters of the inventory was still held by aarfy

Assume the corporate tax rate is 30%

requied,

For the purposes of consolidatedfinancial statements,sidcuss the reason as to the need for the adjustment journal entries,for the above intra-group transctions,between the two entries and prepare consolidation journal entries for the above transaction for the year ending 30 june 2020