On 1 April 2019, Rosebud Ltd purchased 85% of the shares of Elmdale Ltd, for $175,000. At acquisition date, Elmdale Ltds equity comprised:

		Elmdale Ltd
Asset revaluation surplus		$20,000
Retained earnings		22,000
Share capital		123,000

On 1 April 2019, all the identifiable assets and liabilities of Elmdale Ltd were recorded at fair value.

Additional information

On 1 April 2019, Rosebud Ltd gave Elmdale Ltd a loan of $25,000, accruing interest at a rate of 8%.

On 31 August 2019, Rosebud Ltd provided consulting services to Elmdale Ltd for $8,200. This is paid for in cash.

During the period ending 31 March 2020, Elmdale Ltd paid $16,000 in cash dividends.

During the period ending 31 March 2020, Elmdale Ltd declared (but not paid) $14,000 in dividends.

During the reporting period ending 31 March 2020, Rosebud Ltd sold inventories to Elmdale Ltd for $16,000. The inventories had previously cost Rosebud Ltd $12,000.

On 30 September 2019, Elmdale Ltd sold Rosebud Ltd Land for $80,000. This had originally cost Elmdale Ltd $30,000.

The tax rate is 30%.

Required:

Using the information provided above, prepare the adjusting journal entries for the consolidation worksheet for the period ending 31 March 2020. Show all of your workings.