Parent Ltd owns 80% of Subsidiary Ltd.In the financial year ended30 June 20X2, Subsidiary Ltd sold inventory to Parent Ltd. Details regarding the transaction are as follows:

Cost to Subsidiary to produce inventory $7000

Sale price of inventory to Parent Ltd. $13000

Percentage of inventory still held by Parent Ltd at 30 June 20X2 20%

Percentage of inventory still held by Parent Ltd at 30 June 20X3 0%

Tax rate 30%

Required:

(i) Prepare necessary journal entries in the consolidation journal to eliminate this transaction for the year ended30 June 20X2.

(ii) Prepare necessary journal entries in the consolidation journal to eliminate this transaction for the year ended30 June 20X3.

(iii) Prepare necessary journal entries in the consolidation journal to adjust the Non-Controlling Interests (NCI) allocation for the year ended30 June 20X3.