Cory Ltd owns all the share capital of Norris Ltd. The income tax rate is 30%. The following transactions took place during the period ended 30 June 2023.

1. On 1 July 2022, Cory Ltd sold a motor vehicle to Norris Ltd for $120 000. This had a carrying amount to Cory Ltd of $95 000. Both entities depreciate motor vehicles at a rate of 10% p.a. on cost.

Required:

In relation to the above intragroup transaction:

1. Prepare adjusting journal entries for the consolidation worksheet at 30 June 2023.