Parent Ltd owns 100% of the issued capital of Sub Ltd. Both companies use the perpetual method of accounting for inventory. Assume the tax rate is 30% Note: You must show your workings for any calculation you do. Required: 4 Prepare consolidation journal entries for the year ended on 30 June 2021 for each of the following independent cases: Sub Ltd sold inventory to Parent Ltd on 1 May 2020 for $30,000 on credit. The inventory had originally cost $10,000. On 30 June 2020, P still had 20% of the inventory on hand. By 30 June 2021, all the inventory had been sold to external parties and P had paid S for the inventory sold on 1 May 2020.