Question 3 1 pts On 1 March 2020, parent entity Tim Ltd sold inventory to subsidiary entity Tam Ltd for $120,000. The mark-up on sale was 25%. By 30 June 2020, 60% of the inventory had been sold to external customers for $80,000. The remaining inventory was sold during the year ending 30 June 2021. What consolidation adjusting entries, if any, would be required on 30 June 2021 for this intra-group transaction? O Dr Retained earnings $9,600; Cr COGS $9,600 O Dr Sales $40,000; Cr COGS $24,000; Cr Inventory $16,000 O Dr Sales $120,000; Cr COGS $110,400; Cr Inventory $9,600 No consolidation entries are required as all the profit has become realized Previous