Green Ltd owns 100% of Arrow Ltd. During the financial year ending 30 June 2016, Green Ltd sold inventory, originally costing $98 000, to Arrow Ltd for $180 000. Arrow Ltd sold inventory, originally costing $120 000, to Green Ltd for $160,000. At year end 30 June 2016, Green Ltd has sold 40% of the inventory it purchased from Arrow Ltd outside the group, while Arrow Ltd still has 25% of the inventory it purchased from Green Ltd on hand. Tax rate is 30%. (a) Why does this information create an elimination entry for consolidation purposes at year end? [... ] (b) What is the consolidation/elimination entry at 30 June 2016? Note: all workings must be shown and the journal presented in a professional manner. .Journal: ] Workings: [.......... ] (c) What is the consolidation/elimination entry for the item shown above at 30 June 2017? Note: journal must be presented in a professional manner. Green Ltd owns 100% of Arrow Ltd. During the financial year ending 30 June 2016, Green Ltd sold inventory, originally costing $98 000, to Arrow Ltd for $180 000. Arrow Ltd sold inventory, originally costing $120 000, to Green Ltd for $160,000. At year end 30 June 2016, Green Ltd has sold 40% of the inventory it purchased from Arrow Ltd outside the group, while Arrow Ltd still has 25% of the inventory it purchased from Green Ltd on hand. Tax rate is 30%. (a) Why does this information create an elimination entry for consolidation purposes at year end? [... ] (b) What is the consolidation/elimination entry at 30 June 2016? Note: all workings must be shown and the journal presented in a professional manner. .Journal: ] Workings: [.......... ] (c) What is the consolidation/elimination entry for the item shown above at 30 June 2017? Note: journal must be presented in a professional manner