Chen Ltd acquired all the issued share capital of Wang Ltd on 1 July 2020 for cash $2,000,000. At the date of acquisition, all assets of Wang Ltd were recorded at fair value, except for land, which had a carrying amount $250,000 less than its fair value.

The recorded balances of equity in Wang Ltd as at 1 July 2020 were:

Share capital. $1,250,000

Retained earnings $ 280,000

$1,530,000

The following additional information is available:

• During the financial year ended 30 June 2022, Wang Ltd sold inventory for $130,000 to Chen Ltd. This inventory had cost Wang Ltd $100,000 to produce. Chen soon sold all inventory to Sam Ltd for $180,000 on 30 June 2022.
• On 1 July 2021, Chen Ltd sold an item of equipment to Wang Ltd for $116,000 when its carrying amount was $81,000 (the original cost was $135,000). At the date of sale, the equipment had a remaining useful life of five years with a zero residual value.
• On 1 July 2022, Wang Ltd lent $200,000 to Chen Ltd. $2,000 interest was paid by Chen at the end of the year.
• Goodwill had been impaired by 10% in the first year following the acquisition. During the year ended 30 June 2023, it was considered that the goodwill has been further impaired by an amount of $11,000.
• The tax rate is 30%.

Prepare all required consolidation journal entries for the financial year ended 30 June 2023. (Narrations are not required).