On $1$ July $2021,$ Galaxy Ltd$,$ an ultimate parent reporting entity, acquired $35\%$ of the shares

of Tadpole Ltd$.$ The acquisition resulted in Galaxy Ltd achieving significant influence over

Tadpole Ltd$.$ Equity accounting is applied to the interest held in Tadpole Ltd$.$

Additional Information

$$ Tadpole Ltd recorded a net profit after tax of $$35,000$ for the year ended $30$ June

$2023.$

$$ Tadpole Ltd paid a total dividend of $$20,000$ for the year ended $30$ June $2023.$

$$ The inventory of Tadpole Ltd at $30$ June $2022$ included $$60,000$ of inventory

purchased from Galaxy Ltd$.$ The original cost of that inventory to Galaxy Ltd was

$$42,000.$ Tadpole Ltd sold that entire inventory to external customers during the

financial year that ended $30$ June $2023.$

$$ During the year ended $30$ June $2023,$ Tadpole sold inventory to Galaxy Ltd$.$ The

inventory cost Tadpole Ltd $$40,000$ and was sold to Galaxy Ltd for $$70,000.20\%$ of

this inventory was still on hand in Galaxy Ltd$$s closing inventory at $30$ June $2023.$

REQUIRED

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

Ventures.

Prepare the equity accounting adjusting journal entries for the Galaxy Ltd $30$ June $2023$

consolidated financial statements.

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