Complete the consolidation journal entries for: Intragroup transactions

On 1 July 2018, Bill Ltd acquired 100% of the issued shares (cum. div.) of Thomas Ltd for $330.000. At this date, the equity of Thomas Ltd consisted of: Share capital (100,000 shares) General reserve Retained earnings Dividend payable $ 160.000 4,800 59,200 20,000 At the date of acquisition, all the identifiable assets and liabilities of Thomas Ltd were recorded at amounts equal to their fair values except for: Plant (cost $130,000) Land Inventories Carrying amount $ 104,000 80,000 50,000 Fair value $ 112,000 90,000 56,000 The plant was expected to have a further useful life of 10 years. The land was sold on 1 January 2021. The inventories were all sold by 30 June 2019. On 1 July 2018, Thomas Ltd had unrecorded brands that had a fair value of $36.000. The brands had an indefinite life. Additional information a) Thomas Ltd had inventories on hand on 30 June 2020 that included inventories at cost of $16,000 that had been sold to it by Bill Ltd. These inventories had cost Bill Ltd $12,000. The inventories were all sold by Thomas Ltd by 30 June 2021. b) During the 2020-21 year, Thomas Ltd sold inventories to Bill Ltd for $96,000. On 30 June 2021, Bill Ltd still had some of these inventories on hand. These inventories had been sold to it by Thomas Ltd at a profit of $8,000. c) On 1 January 2020, Thomas Ltd sold an item of plant to Bill Ltd for $32,000. The original cost of the plant to Thomas Ltd was $30,000 and had a carrying amount at the time of sale of S$24,000. Plant of this class is depreciated at 20% p.a. d) Management and consultation fees derived by Bill Ltd are all from Thomas Ltd and represent charges for administration of $3,520 and technical services for the manufacturing section of $4.480. e) On 1 July 2020. all debentures issued by Thomas Ltd are acquired by Bill Ltd. Interest on debentures is paid annually. Outstanding interest has been paid by Bill Ltd on 30 June 2021. f) On realization of the business combination valuation reserve, a transfer is made to retained earnings on consolidation. The tax rate is 30%