Sheldon Ltd acquired all the equity in Cooper Ltd on 31 December 20X4 for $450 000. At the control date, the equity of Cooper was recorded as paid-up capital of $300 000 and retained profits of $120 000. The purchase price was based on the agreed fair values of Coopers identifiable assets and liabilities on that date. The following items were not at fair value in Coopers financial statements on the control date.

Other information:

- All the inventories held by Cooper at the control date were sold during FY20X5.

- Both Cooper and the group entity account for their plant by the cost model, and apply straight-line depreciation to the plant. The plant in Cooper Ltd is expected to have a remaining useful life of 10 years from 31 December 20X4, and no residual value.

- Sheldon sold goods to Cooper for $6 000 during FY20X5, the cost of these inventories was $3 500. All these inventories were still on hand by Cooper by 31 December 20X5, the year-end.

Required: Prepare all the necessary consolidation journal entries at 31 December 20X5, the year-end. Note 1) Use the provided journal entry template to enter your answer. 2) Workings/calculations or narrations are NOT required. 3) The template should provide enough space. However, if you find the space is insufficient in the template or encounter a table formatting issue, write your journal entries below the template, and ensure labelling DR or CR.

\begin{tabular}{|l|l|l|} \hline & Carrying amount & Fair value \\ \hline Inventories & 20000 & 27000 \\ \hline Plant (Cost of $400000, Accumulated depreciation of $51200) & 348800 & 308800 \\ \hline \end{tabular}