Intra-group Transactions (C) Parent Ltd owns 100% of Subsidiary Ltd. In the financial year ended 30 June 20X2, Subsidiary Ltd sold inventory to Parent Ltd. Details regarding the transaction are as follows: Cost to Subsidiary to produce inventory Sale price of inventory to Parent Ltd. Percentage of inventory still held by Parent Ltd at 30 June 20X2 Percentage of inventory still held by Parent Ltd at 30 June 20X3 Tax rate $7500 $8000 10% 0% 30% Round all your answers to the nearest dollar amount. If you believe no journal entry is required, select NULL for the account name, NA for the Dr or Cr, and enter 0 for the amount. Do not leave the amount blank. Do not enter dollar ($) signs or commas (i.e. enter 10000 not $10,000). The description may be missing from some of the journal entries below. This is intentional. Where journal descriptions are provided, you need to read them carefully and be sure your answers are consistent with the provided description. REQUIRED: a) Prepare any necessary journal entries in the consolidation journal to adjust for this transaction during the year ended 30 June 20X2. Dr Cost of goods sold (Eliminate the intra-group revenue/expense on the sale before tax) Dr Cr (Adjust for tax effects of elimination of intra-group transaction) b) Prepare any necessary journal entries in the consolidation journal to adjust for this transaction during the year ended 30 June 20X3. Dr Income tax expense 4 Cr (Eliminate impact of prior year's intra-group transaction)