Question 1 (18 Marks) On 2 June 2019, Shajeetha Ltd (parent) sold $45,000 inventory to Khairul Ltd (subsidiary) for $65,000 on credit. For the financial year ended 30 June 2019, 75 per cent of the inventory had been sold by Khairul Ltd to External Ltd, an external party for $55,000 on credit. Ignore tax effect Required: Based on the information available: (a) Prepare the pro-forma entries for the parent entity. (4 marks) (b) Prepare the pro-forma entries for the subsidiary entity (6 marks) (c) Prepare the consolidation elimination entry. (4 marks) (d) Complete the pro forma consolidation worksheet entries for the year ended 30 June 2019 in accordance with IFRS10 Consolidated Financial Statements. (4 marks) Parent $ Subsidiary $ Elimination adjustments Dr $ Cr $ Consolidation Sales Less Cost of goods sold Profit before tax Income tax expense Profit for the year Statement of financial position Inventory Deferred tax asset