On 1 July 2016, Parent Ltd acquired 70 percent of shares in Subsidiary Ltd. On 31 March 2017 Parent Ltd sold $100,000 of inventory-type B that cost $80,000 to Subsidiary Ltd. On 1 July 2017, Subsidiary Ltd, held 10 percent of inventory. In preparing consolidated journal entries for the year ending 30 June 2018, the consolidated journal entries will have Debit Sales $100,000 Credit Cost of Sales $80,000 Debit (Opening) Retained earnings $ 2,000 Credit Inventory$2,000