consolidations and NCI

SQ 7-4 Full Ltd acquired 80% of the share capital of Partial Ltd on 1 July 2015 for $350 000, when all assets of Partial Ltd were fairly valued. Additional information: 1. Share capital and reserves are: Share Capital Retained earnings At 1 July 2015 $200 000 $175 000 At 1 July 2020 $200 000 $425 000 No intragroup transactions took place between 1 July 2015 and 30 June 2019. 2. The only intragroup transaction for the year ending 30 June 2020, was Full Ltd sold inventory to Partial Ltd for a price of $120,000. The inventory cost Full Ltd $90,000 to produce. At 30 June 2020, Partial Ltd still had 75% of this inventory on hand, but by 30 June 2021, all of this inventory had been sold to external parties 3. During the financial year ending 30 June 2021, Partial Ltd sold inventory to Full Ltd for a price of $240,000. The inventory cost Partial Ltd $160 000 to produce. By 30 June 2021, Full Ltd had sold 40% of this inventory to external parties. 4. At 1 January 2021, Full Ltd sold an item of plant to Partial Ltd, making a profit on the sale of $10,000. At the date of sale, the plant had accumulated depreciation of $25 000 and a remaining life of 4 years. 5. For the year ending 30 June 2021, Full Ltd declared and paid $30 000 in dividends, while Partial Ltd declared and paid dividends of $20 000. 6. Full Ltd measures any NCI using the fair value (ie full goodwill) method, The tax rate is 30 per cent. Required: (c) Prepare all consolidation/elimination journals for the year ending 30 June 2021 for items 1 to 6 only. Narrations are required on all journals. (space provided on pages 3-4). Note:- journals must be presented in a professional manner (workings can be shown separately if desired) number all journals with a reference corresponding to the item of additional information it relates to. C