Show the General Journal Entries for the following:

 

1. On 1 Jan 2017 Ross Ltd sold inventory to Zara Ltd costing $40,000 for $60,000. Half of this inventory was sold to outside parties by 30/6/17. 2. On 1 Jan 2016 Ross Ltd sold inventory costing $13000 to Zara Ltd for $18,000. Zara Ltd treats the item as equipment and depreciates it at 10% per annum. 3.On 1 July 2016 Ross sold plant to Zara for $25,000. The plant had cost Ross $28,000 on 1 July 2014 and it was being depreciated at 10% per annum. Zara regards the plant as inventory. The inventory was all sold by 30th July 2016.