On 1 July 2020 P Ltd purchased 100% of the issued capital of S Ltd for a purchase price of $840,000. At that date the shareholders equity of S Ltd disclosed: Share capital $122,000 General reserve $108,000 Retained earnings $234,000 Additional information: At the date of acquisition, all net identifiable assets of Sub Ltd were recorded at fair value Sales by S to P Ltd were $60,000. P Ltd sold inventory of $114,000 to S Ltd on 1 July 2021. The original cost of this inventory to P Ltd was $50,000. S Ltd has 47% 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 $122,000 General reserve $108,000 Retained earnings $234,000 Goodwill $376,000 Investment in S $840,000 Sales Revenue $60,000 Purchases $60,000 Sales revenue $114,000 Cost of goods sold $ xxx Inventory Deferred tax asset Income tax exp Enter the amount of xxx in the answer space below:

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