Sera Ltd owns all the share capital of Zarra Ltd. The income tax rate is 30%. The following transactions took place for the period ending 30 June 2023.

InFebruary2023, Sera Ltd sells inventories to Zarra Ltd for $15 000 in cash. These inventories had previously cost Sera Ltd $10 000 and remain unsold by Zarra Ltd at the end of the period.

In March 2023, Sera Ltd sells inventories to Zarra Ltd for $17 000 in cash. These inventories had previously cost Sera Ltd $12 000 and are all sold externally on 6 May 2023.

On 1 July2022, Zarra Ltd sellsan item of plantto Sera Ltd for $15 000 cash (the original cost to Zarra Ltd was $20 000 when acquired on 1 July 2020). When originally acquired the useful life of the plant was assessed at 5 years, with no residual value. Straight-line depreciation is used by the group.

In April 2023, Sera Ltd provides management services to Zarra Ltd. Zarra Ltd paid $50 000 for these services and has a balance of $10 000 for management fees payable at the end of the financial year 2023. No fees were payable at the end of the last financial year.

Zarra Ltd has an outstanding loan of $15 000 with Sera Ltd. During the financial year 2023, Zarra Ltd paid $1 000 interest on the loan and has a balance of $200 for interest on 30 June 2023. No interest was payable at the end of last year.

For each of the above items, prepare consolidation elimination journal entries for the year ending 30 June 2023. (Narrations are required)