On 1 July 2016, Apple Ltd acquired all the issued shares of Pie Ltd for $200 000. At this date the equity of Jeff Ltd consisted of share capital of $80 000 and retained earnings of $68 800. All the identifiable assets and liabilities of Jeff Ltd were recorded at amounts equal to fair value except for:

Carrying amount Fair value

Patent $60 000 $72 000

Plant (net of $40 000 depreciation) 40 000 48 000

Inventory 21 600 28 000

Required

Prepare the consolidation adjustments entries at 30 June 2016.