If an interim dividend is paid by a subsidiary to its parent, which of the following consolidation entries is correct to eliminate the transaction? Select one: A. Dr Dividend revenue: Cr Interim dividend paid B. Dr Interim dividend paid; Cr Dividend revenue C. Dr Interim dividend paid; Cr Dividend receivable D. Dr Dividend revenue: Cr Dividend payable On 1 July 2018 Harris Ltd purchased an 80% controlling interest in Shamin Ltd for a consideration of $350.000. On that date the pre-control equity of Shamin consisted of Paid up capital $200 000 Retained profits $150 000 General reserve $ 50 000 Total equity $400 000 The net assets of Shamin Ltd were recorded at fair values. Relevant financial data for the two companies, for the year ending 30 June 2020. is provided on the worksheet below. Further information: During May 2019 Shamin Ltd sold inventory to Harris Ltd at a profit of $15.000. This inventory was sold by Harris Ltd to external parties during the month of July 2019. On 30 June 2020 Harris Ltd purchased from Shamin Ltd an item of equipment for $40.000. The equipment has a cost of $90.000 and a carrying amount of $28.000. The equipment has a remaining useful life of 4 years and a residual value of zero. Allocation NCI Parent Consolidation worksheet as at 30 June 2020 Harris Shamin Sum Eliminations Group DR CR Sales 700 000 300 000 1 000 000 Cost of sales 320 000 140 000 660 000 Gross profit 180 000 160 000 340 000 Interest revenue 7 000 7 000 Other revenues 19 200 7 500 26 700 Gain on sale of equipment 12 000 12 000 Interest expense 7 000 7 000 Other expenses 64 200 37 000 101 200 Net profit 142 000135 500 277 500 Retained profits 1 July 2019 620 000 225 000 845 000 ??? REQUIRED For the year 2020. what is the amount of net profit that NCI is entitled to? Select one: A. $27,100 B. $29,500 O C. $27,700 D. $24,700 Mooloolaba Limited owns 90% of the share capital of Maroochydore Limited. Maroochydore Limited paid a dividend of $40,000 during the current period. The adjustment entries in the consolidation worksheet for the dividend include which of the following? Select one: a. Dr Dividend revenue $40 000 b. Dr Dividend receivable $40 000 c. Dr Dividend payable $36 000 O d. Dr Dividend revenue $36 000