On $1$ July $2021,$ Acoustic Ltd$,$ an ultimate parent reporting entity, acquired $35\%$ of the shares of Bass Ltd$.$ The acquisition resulted in Acoustic Ltd achieving significant influence over Bass Ltd$.$ Equity accounting is applied to the interest held in Bass Ltd$.$

Additional Information

$$ The inventory of Bass Ltd at $30$ June $2022$ included $$50000$ of inventory purchased from Acoustic Ltd$.$ The original cost of that inventory to Acoustic Ltd was $$38000.$ Bass Ltd sold that entire inventory to external customers during the financial year that ended $30$ June $2023.$

$$ During the year ended $30$ June $2023,$ Bass sold inventory to Acoustic Ltd$.$ The inventory cost Bass Ltd $$40,000$ and was sold to Acoustic Ltd for $$60,000.40\%$ of this inventory was still on hand in Acoustic Ltd$$s closing inventory at $30$ June $2023.$

$$ The income tax rate is $30\%.$

REQUIRED

In accordance with the requirements of AASB $128$ Investment in Associates and Joint Ventures.

$($a$)$ Prepare the consolidated adjusting journal in respect of Acoustic Ltd$$s sale of inventory for the year ended $30$ June $2023.$

$($b$)$ Prepare the consolidated adjusting journal in respect of Bass Ltd$$s sale of inventory for the year ended $30$ June $2023.$