During the year sup Lid made sales of Inventory of $2 , 10 0 to Parent Lid for on - sale to external parties . The inventory had originally cost Sub Lid $1 . 600 . At year end 30 06 2020 Parent Lid still had a quarter of the stock on hand . Sub Lid is a 100% owned subsidiary of Parent Lid . Tax rate is 30 % Prepare the consolidation elimination entries for 30 06 2020 ( Journal narrations not required ) a Consolidation journal entry to eliminate intragroup sale of