Question 2 10 marks Beluga Ltd acquired 90% of the issued shares of Whale Ltd on 1 July 2012. The transactions below represent intra-group transactions relevant to the consolidated financial statements for the 2017 (1 July 2016 to 30 June 2017) financial year. Both entities use the perpetual inventory method. 1) During the year ended 30 June 2017, Whale Ltd sold goods to Beluga Ltd for $680,000. These goods had cost Whale Ltd $520,000. At financial year-end, 60% of these goods remained in Beluga Ltd's inventory. 2) During the year ended 30 June 2016, Beluga Ltd sold goods to Whale Ltd for $280,000. These goods had cost Beluga Ltd $170,000. As at 30 June 2016, 80% of these goods were sold by Whale Ltd to external parties. The remainder of the inventory was sold to external parties during the year ended 30 June 2017 3) On 1 July 2015, Beluga Ltd sold an item of plant to Whale Ltd for $550,000. At the date of sale, the plant had an original cost to Beluga Ltd of $280,000 and accumulated depreciation of $100,000. At 1 July 2015, the plant had a remaining useful life of 3 years and zero residual value. Both Beluga Ltd and Whale Ltd use the straight-line depreciation method for plant and equipment. 4) During the 2017 financial year, Whale Ltd paid an interim dividend for $380,000 and declared a final dividend for $260,000. The final dividend was paid on 4 August 2017. Beluga Ltd recognises the dividend revenue when the dividends are declared. 5) During the 2017 financial year, Beluga Ltd paid an interim dividend of $60,000 and declared and paid a final dividend of $120,000. The company income tax rate is 30%. Required: In the answer booklet, show all consolidation adjustment entries needed to eliminate the above intra- group transactions for financial year ended 30 June 2017 in accordance with AASB 10 Consolidated Financial Statements. If no entry is required, please provide a brief explanation why you believe a consolidation adjusting entry is not required. Include all narrations. Show all workings. Where workings are not shown, part marks will not be awarded