prepare the consolidated journal entries

Geelong Ltd acquired 80 per cent of the share capital of Burwood Ltd on 1 July 2019 for a cost of $1,500,000. As at the date of acquisition, all assets of Burwood Ltd were valued at fair value, other than land that had a carrying amount of $150,000 less than its fair value. The recorded balances of shareholders' equity in Burwood Ltd as at 1 July 2019 were: Share capital Retained earnings $ 1,050,000 300,000 $ 1,350,000 Additiona information The management of Geelong Ltd values any non-controlling interest at the proportionate share of Burwood Ltd's identifiable net assets. Burwood Ltd had a profit after tax of $210,000 for the year ended 30 June 2020. During the financial year to 30 June 2020, Burwood Ltd sold inventory to Geelong Ltd for a price of $180,000. The inventory cost Burwood Ltd $120,000 to produce, and 25 per cent of this inventory was still on hand with Geelong Ltd as at 30 June 2020. During the year, Burwood Ltd paid $30,000 in management fees to Geelong Ltd. On 1 July 2019, Burwood Ltd sold an item of plant to Geelong Ltd for $120,000 when it had a carrying amount of $120,000 (cost of $150,000, accumulated depreciation of $60,000). At the date of sale it was expected that the plant had a remaining useful life of four years, and no residual value. The tax rate is 30 per cent. . 1 Required