Prepare the consolidation worksheet journal entries to eliminate the effects of intragroup transactions at 31 December 2018

Financial Information for Lotus Limited and its 100% owned subsidiary, Troy Limited, for the period ended 31 December 2018 is shown in the table below: Troy Limited $ Sales Revenue- Dividend Revenue- Gain On Sale of Property, Plant and Equipment Other Income- Total Income- Cost of Sales- Other Expenses - Total Expenses- Profit Before Income Tax Income Tax Expense- Profit for the Period | Retained earnings (1 January 2018) Lotus Limited $- 50000- 2000- 2000- 2000- 56000- 42000- 6000- 48000- 8000- 2700- 5300- 12000- 17300- 5000- 12300+ 47200- 0- 4000- 4000- 55200- 36000- 2000- 38000 17200- 3900- 13300- 6000- 19300- 2000- 17300- Interim Dividend Paid Retained earnings (31 December 2018)- ADDITIONAL INFORMATION: (a) Lotus Limited acquired the shares in Troy Limited at 1 January 2018, buying the 10000 shares in Troy Limited for $40000. At that date, Troy Limited recorded share capital of $20000. The shares were bought on a cum div basis. Troy Limited had declared prior to the acquisition a dividend of $6000 that was paid in March 2018.- (b) At 1 January 2018, all identifiable assets and liabilities of Troy Limited were recorded at fair value, except for inventories, for which the carrying amount was $800 less than fair value. A number of inventories have been difficult to sell, and 10% of it is still in hand at 31 December 2018. (c) Inventories on hand in Troy Limited at 31 December 2018 also include some items acquired from Lotus Limited during the period ended 31 December 2018. These were sold by Lotus Limited for $10000, at a profit before tax of $2000. (d) Half of the goodwill was written off as the result of an impairment test on 31 December 2018. (e) During March 2018, Lotus Limited provided management services to Troy Limited at a fee of $1000 paid by 31 December 2018. (1) On 1 July 2018, Troy Limited sold machinery to Lotus Limited at a gain of $4000. This machinery had a carrying amount to Troy Limited of $40000. Lotus considered that this machinery had a 5 year life. (g) By 31 December 2108, the financial assets acquired by Lotus Limited and Troy Limited from external entities increased $2000 and $1300 respectively, with gains and losses being recognised in other comprehensive income. (h) The TAX RATE is 30%- Financial Information for Lotus Limited and its 100% owned subsidiary, Troy Limited, for the period ended 31 December 2018 is shown in the table below: Troy Limited $ Sales Revenue- Dividend Revenue- Gain On Sale of Property, Plant and Equipment Other Income- Total Income- Cost of Sales- Other Expenses - Total Expenses- Profit Before Income Tax Income Tax Expense- Profit for the Period | Retained earnings (1 January 2018) Lotus Limited $- 50000- 2000- 2000- 2000- 56000- 42000- 6000- 48000- 8000- 2700- 5300- 12000- 17300- 5000- 12300+ 47200- 0- 4000- 4000- 55200- 36000- 2000- 38000 17200- 3900- 13300- 6000- 19300- 2000- 17300- Interim Dividend Paid Retained earnings (31 December 2018)- ADDITIONAL INFORMATION: (a) Lotus Limited acquired the shares in Troy Limited at 1 January 2018, buying the 10000 shares in Troy Limited for $40000. At that date, Troy Limited recorded share capital of $20000. The shares were bought on a cum div basis. Troy Limited had declared prior to the acquisition a dividend of $6000 that was paid in March 2018.- (b) At 1 January 2018, all identifiable assets and liabilities of Troy Limited were recorded at fair value, except for inventories, for which the carrying amount was $800 less than fair value. A number of inventories have been difficult to sell, and 10% of it is still in hand at 31 December 2018. (c) Inventories on hand in Troy Limited at 31 December 2018 also include some items acquired from Lotus Limited during the period ended 31 December 2018. These were sold by Lotus Limited for $10000, at a profit before tax of $2000. (d) Half of the goodwill was written off as the result of an impairment test on 31 December 2018. (e) During March 2018, Lotus Limited provided management services to Troy Limited at a fee of $1000 paid by 31 December 2018. (1) On 1 July 2018, Troy Limited sold machinery to Lotus Limited at a gain of $4000. This machinery had a carrying amount to Troy Limited of $40000. Lotus considered that this machinery had a 5 year life. (g) By 31 December 2108, the financial assets acquired by Lotus Limited and Troy Limited from external entities increased $2000 and $1300 respectively, with gains and losses being recognised in other comprehensive income. (h) The TAX RATE is 30%