Parent Ltd owns 90% of Subsidiary Ltd.On1 July 20X1Subsidiary Ltd sold Plant to Parent Ltd. Details regarding the transaction are as follows:

Intracompany sale price $44000

Original cost of plant to Subsidiary Ltd $58000

Accumulated depreciation on Subsidiary's books on date of sale $29000

Plant original useful life 10 years

Plant remaining useful life at date of sale 5 years

Salvage value $0

Tax rate 30%

Plant is depreciation on a straight-line basis by both Parent Ltd and Subsidiary Ltd.

Required:

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

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