Dingo Ltd owns all of the shares of Wombat Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2020. Assume an income tax rate of 30%.

Part A

On 1 April 2020, Dingo Ltd sold merchandise worth $220000 to Wombat Ltd. Dingo Ltd recorded $20 000 profit before tax. At 30 June 2020, Wombat Ltd sold 60% of this merchandise to external parties.

Part B

On 1 January 2020, Wombat Ltd sold the Machinery to Dingo Ltd for $100 000. At the date of sale, Wombat Ltd had recorded a carrying amount of $80,000. Dingo Ltd charged depreciation at the rate of 15% p.a. on this item.

Part C

In the 2018-19 period, Wombat Ltd sold land to Dingo Ltd at $100000 above cost. The land is still held by Dingo Ltd.

Part D

On 1 January 2020, Dingo Ltd acquired $100000 of debentures previously issued by Wombat Ltd. These were acquired on the open market for $100 000. The Half-yearly Interest of $3,750 on debentures was paid on 30 June 2020.

Part E

On 1 April 2019, Wombat Ltd paid an interim dividend of $5000. On the same day Dingo ltd paid an interim dividend of $20,000