Geelong Ltd acquired 80 per cent of the share capital of Burwood Ltd on 1 July 2019 for a cost of $1,500,000. As at the date of acquisition, all assets of Burwood Ltd were valued at fair value, other than land that had a carrying amount of $150,000 less than its fair value. The recorded balances of shareholders equity in Burwood Ltd as at 1 July 2019 were:

Share capital	$ 1,050,000
Retained earnings	300,000
	$ 1,350,000

Additional information

• The management of Geelong Ltd values any non-controlling interest at the proportionate share of Burwood Ltds identifiable net assets.
• Burwood Ltd had a profit after tax of $210,000 for the year ended 30 June 2020.
• During the financial year to 30 June 2020, Burwood Ltd sold inventory to Geelong Ltd for a price of $180,000. The inventory cost Burwood Ltd $120,000 to produce, and 25 per cent of this inventory was still on hand with Geelong Ltd as at 30 June 2020.
• During the year, Burwood Ltd paid $30,000 in management fees to Geelong Ltd.
• On 1 July 2019, Burwood Ltd sold an item of plant to Geelong Ltd for $120,000 when it had a carrying amount of $120,000 (cost of $150,000, accumulated depreciation of $60,000). At the date of sale it was expected that the plant had a remaining useful life of four years, and no residual value.
• The tax rate is 30 per cent.

Required:

Prepare the consolidation journal entries for the year ended 30 June 2020. (10 marks)