Positive ltd acquired an 80% stake in Strong Ltd in 20x1. During the year 20x2, the following inter-company transactions took place.

Positive extended a loan of $200,000 to Strong on 1 April 20x2 with an interest rate of 4% per annum. Interest for the year ended 31 December 20x2 had not been paid but were recorded in the books of both companies appropriately. Strong sold some inventory to Positive for $80,000 at a margin of 5%. Half of these goods were still unsold at the end of the year. As at 31 December 20x2, Positives records showed that it owed Strong $20,000 but the latters financial statements indicated a receivable of $30,000. The difference had been attributed to a payment made by Positive that was still being processed by the bank.

Required: Prepare the consolidation journal entries for the elimination of the above inter-company transactions for the year ended 31 December 20x2.