Intragroup Transaction from previous period

I have the following problem to solve and I'm a bit confused as there's no identified Cost of Sales but I may not need that? I recognise that the transaction between the groups falls into the previous period so therefore profit is included in Retained Profits as at 1/7/2018. Would the consolidated entries be a Debit to Retained Profits of $35,000 minus 30% tax? Such as: Dr Retained profits (1/7/2018) 24,500 Dr Income tax expense 10,500 Cr Cost of Sales 35,000 Hmm doesn't seem right to me.

3. On 30 June 2018, 20% of Island Engineering Ltd's inventory was sold to Eno Advanced Manufacturing Ltd at a profit of $35 000. All of this inventory had been sold to external entities by 30 June 2019. On 1 July 2017, Eno Advanced Manufacturing Ltd acquired 70 per cent of the share capital of Island Engineering Ltd The Australian income tax rate is 30%. Balance sheet worksheet DATA As at 30 June 2019 AUD AUD Eno Advanced Manufacturing Ltd Island Engineering Ltd 22,000 317,850 650,400 8,500 Assets Cash at Bank Receivables Inventory Other current assets Advance - Allan Design Pty Ltd Deferred Tax Asset Shares in Island Engineering Ltd Shares in Cloud Press (NZ) Ltd Shares in Allan Design Pty Ltd Patent Plant Accumulated Depreciation Furniture Accumulated Depreciation Buildings Accumulated Depreciation Land Total Assets 123,000 280,000 865,150 25,000 50,000 65,220 1,200,000 420,000 800,000 123,000 620,000 180,000 90,000 20,000 1,345,000 287,000 600,000 630,000 360,000 45,000 13,000 665,000 2,688,750 5,396,370