Normanhurst Ltd is a wholly owned subsidiary of Beecroft Ltd. The transactions for the period ending 30 June 2020 are shown below:

Transactions:

1. During the accounting period, Normanhurst Ltd paid management fees of $26 000 to Beecroft Ltd.

2. Beecroft issues 2 000 debentures with face value of $80, 10% interest rate. Normanhurst purchased 500 of these debentures on 01/07/2017.

3. Beecroft Ltd sold inventory to Normanhurst Ltd for $80 000 during the period. This inventory had originally cost Beecroft Ltd $50 000. Normanhurst Ltd sold of this inventory during the period to parties external to the group for $90 000. The remaining is still held by Normanhurst Ltd at the end of the period. The tax rate is assumed to be 30%.

Required: prepare consolidation elimination entries for the period when transactions took place.