Big Ltd owns all the share capital of Small Ltd. The following transactions relate to the financial year ended 30 June 2021.

On 1 January 2021, Small Ltd sold inventory costing $35,000 to Big Ltd for $55,000. Half of this inventory was still on hand at 30 June 2021.

On 1 July 2020, Big Ltd sold plant to Small Ltd for $6,000 when its carrying value in Big Ltd.s books was $ 7,000 (cost $10,000, accumulated depreciation $3,000). The plant was assessed as having a remaining useful life of five years from the date of sale.

On 15 December 2020, Small Ltd paid consulting fees of $25,000 to Big Ltd.

The company tax rate is 30%.

Requirement:

Prepare the consolidation journal entries for the financial year ended 30 June