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On 1 July 2019, Dublin Lid acquired 25% of the shares in Cork Lid for $750,000 cash, which gave Dublin Lid significant influence over Cork Lid. At the acquisition date, the carrying amounts of the identifiable assets and liabilities of Cork Lid were same as the fair values. The following inter-entity transactions occurred between Dublin Lid and Cork Lid: a. On 1 January 2020, Cork Lid sold a machine costing $104, 000 to Dublin Lid for $122, 000. Dublin Lid applied a depreciation rate of 10% per annum on cost to the vehicle. b. On 1 July 2019, Dublin Lid sold inventories to Cork Lid for $35 000. The original cost was $10,000. Cork Lid sold 20% of this inventory externally by 30 June 2020. c. On 1 June 2019, Cork Ltd sold inventories to Dublin Led at a profit of $5,000 before tax. On 30 June 2019, this inventory remained unsold. Dublin Lid sold this entire inventory to external parties for $7,000 on 28 May 2020. In the financial year ended 30 June 2020, Cork Ltd: recorded a profit of $70,000 after tax recognised a revaluation increment for of $30,000 after tax for Land in the Asset Revaluation Reserve account Paid a dividend of $10,000 in September 2019 . Declared a dividend of $17,000 in May 2020 Dublin Lid applies AASB 128/IAS 28 in accounting for its investment in Cork Ltd. Dublin Lid does not prepare consolidated financial statements. The tax rate is 30%. Required: 1. Prepare a reconciliation of profit after tax for the above inter-entity transactions. Show all your workings. (10 marks) 2. Prepare the journal entries in the records of Dublin Lid in relation to its investment in Cork Lid, for the year ended 30 June 2020. Journal narrations are not required. 10 m