b. The following series of events happened between the Warehouse and Noel Leeming in the current year. Record the appropriate consolidation adjustments for the 2018 financial year. (record one account in each line add more or less boxes as required) (16 Marks) Each year Noel Leeming pays a dividend of $11,000, whilst the Warehouse pays a divided of $27,000. At the start of the 2014 financial year, the Warehouse sold Noel Leeming a three year old piece of equipment for $45,000. The piece of equipment originally cost $80,000 and has an economic life of 12 years. The Warehouse impaired the goodwill arising upon acquisition of Noel Leeming for $20,000 in 2016, and $15,000 in 2018. In the current year Noel Lemming records intragroup-sales of $200,000 to the Warehouse. The inventory originally cost Noel Leeming $120,000. 70% of this inventory has now been sold by the Warehouse. In the previous financial year, Noel Leeming sold $180,000 of inventory to the Warehouse, which original cost Noel Leeming $110,000. At the start of the current financial year 40% of this inventory was still on hand, although it has now all been sold outside the group. Account Debit Credit Account Debit Credit b. The following series of events happened between the Warehouse and Noel Leeming in the current year. Record the appropriate consolidation adjustments for the 2018 financial year. (record one account in each line add more or less boxes as required) (16 Marks) Each year Noel Leeming pays a dividend of $11,000, whilst the Warehouse pays a divided of $27,000. At the start of the 2014 financial year, the Warehouse sold Noel Leeming a three year old piece of equipment for $45,000. The piece of equipment originally cost $80,000 and has an economic life of 12 years. The Warehouse impaired the goodwill arising upon acquisition of Noel Leeming for $20,000 in 2016, and $15,000 in 2018. In the current year Noel Lemming records intragroup-sales of $200,000 to the Warehouse. The inventory originally cost Noel Leeming $120,000. 70% of this inventory has now been sold by the Warehouse. In the previous financial year, Noel Leeming sold $180,000 of inventory to the Warehouse, which original cost Noel Leeming $110,000. At the start of the current financial year 40% of this inventory was still on hand, although it has now all been sold outside the group. Account Debit Credit Account Debit Credit