Parent Ltd owns 90% of Subsidiary Ltd.On 1 July 20X1, Subsidiary Ltd sold an item of inventory to Parent Ltd for $15000 (the cost of the item to the subsidiary was $9000). The item is classified by the parent as a non-current asset and used as an equipment with an estimated useful life of 5 years with no residual value.Assume a tax rate of 30%.

Required:

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

(ii) Prepare necessary journal entries in the consolidation journal to adjust for 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.