Jam Ltd acquired all the equity in Cab Ltd on 31 December 20X4 for $370 000. At the control date, the equity of Cab was recorded as Paid-up capital of $250 000 and Retained profits of $31 000. The purchase price was based on the agreed fair values of Cabs identifiable assets and liabilities on that date. The following items were not at fair value in Cabs financial statements on the control date.

	Carrying amount ($)	Fair value ($)
Inventory	31 000	40 000
Property (Cost of $350 000, Accumulated depreciation of $100 000)	250 000	300 000

Other information:

• Both Cab and the group entity account for its property by the cost model, and apply straight-line depreciation to the property. The property in Cab Ltd is expected to have a remaining life of 20 years from 31 December 20X4, and no residual value.
• Cab sold goods to Jam for $10,000 during FY20X5, the cost of these inventories was 7,000. All these inventories were still on hand by Jam by 31 December 20X5, the year-end.

Required:

Prepare all the necessary consolidation journal entries at 31 December 20X5, the year-end. (Using the provided journal entry template to enter your answer; workings/calculations or narrations are NOT required.)