Consolidation worksheet entries (a) On 1 January 2015, Dingo Ltd sold inventory costing S6000 to Bilby Ltd at a transfer price of s8000. on 1 September 2015, Bilby Ltd sold half these items of inventory back to Dingo Ltd, receiving $3000 from Dingo Ltd. Of the remaining inventory kept by Bilby Ltd, half was sold in January 2016 to Goanna Ltd at a loss of $200. Retained earnings (1/7/15) Income tax expense (a) Dr Dr Cr 1 400 600 2000 (beginning inventory in Cost of sales the current year) Dr 3000 Sales revenue Cost of sales Inventory (1/4 x 2000) 2 500 500 (1/4 still unsold) Dr Deferred tax asset 150 Income tax expense 200 3 1255 bope Consolidation worksheet entries (a) On 1 January 2015, Dingo Ltd sold inventory costing S6000 to Bilby Ltd at a transfer price of s8000. on 1 September 2015, Bilby Ltd sold half these items of inventory back to Dingo Ltd, receiving $3000 from Dingo Ltd. Of the remaining inventory kept by Bilby Ltd, half was sold in January 2016 to Goanna Ltd at a loss of $200. Retained earnings (1/7/15) Income tax expense (a) Dr Dr Cr 1 400 600 2000 (beginning inventory in Cost of sales the current year) Dr 3000 Sales revenue Cost of sales Inventory (1/4 x 2000) 2 500 500 (1/4 still unsold) Dr Deferred tax asset 150 Income tax expense 200 3 1255 bope