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Hub Ltd. owns all the share capital of Olive Ltd. The income tax rate is 30%. Prepare all the relevant journal entries required for the

Hub Ltd. owns all the share capital of Olive Ltd. The income tax rate is 30%.

Prepare all the relevant journal entries required for the consolidation worksheet on 30 June 2022 for the following transactions.

On 1 November 2021, Olive Ltd. borrowed $100,000 from Hub Ltd. at an annual interest rate of 7.0%. The loan term was for 5 years and it was an interest-only loan with interest payable by 31 July every year.

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