On 1 July 2020 P Ltd purchased 100% of the issued capital of S Ltd for a purchase price of $948,000. At that date the shareholders' equity of S Ltd disclosed: Share capital $123,000 General reserve $125,000 Retained earnings $277,000 Additional information: 1. At the date of acquisition, all net identifiable assets of Sub Ltd were recorded at fair value 2. Sales by S to P Ltd were $89,000. 3. P Ltd sold inventory of $117,000 to S Ltd on 1 July 2021. The original cost of this inventory to P Ltd was $43,000. S Ltd has 62% of this inventory on hand at 30 June 2022 4. Company tax rate is 30% The consolidation journal entries (partial) are listed below: 30 June 2022 Share capital General reserve Retained earnings $123,000 $125,000 $277,000 Goodwill $423,000 Investment in s $948,000 Sales Revenue $89,000 Purchases $89,000 . Sales revenue $117,000 Cost of goods sold $ XXX Inventory $117,000 Cost of goods sold Inventory $ xxx Deferred tax asset Income tax exp Enter the amount of xxx in the answer space below