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QUESTION EIGHT (14 Marks) Jimmy Ltd owns all the issued shares of Clitheroe Ltd. The following intragroup transactions took place during the year ended 30th June 2022. a. Jimmy Ltd is a manufacturing entity producing furniture which it then markets through its subsidiary Clitheroe Ltd. During the year furniture by Jimmy Lid to Clitheroe Lid for $400,000. This included a mark-up on cost of 25%. At the end of the year 30% remained in stock. b. On 1January 2022, Jimmy Ltd sold a delivery truck to Clitheroe Lid for $220,000. The truck had originally cost $190,000 and at the tim a book value of $170,000. The sale proceeds were recorded by Jimmy Ltd as revenue. Clitheroe Lid estimates that the truck has a five-year residual value. c. On January 17 2022, Clitheroe Lid paid an interim dividend of $30,000 and Jimmy Ltd paid an interim dividend of $55,000. d. In June 2022, Clitheroe Lid declared a final dividend of $40,000, which was paid to Jimmy Ltd in July 2022, Required Prepare the consolidation worksheet journal entries for 30 June 2022 assuming an income tax rate of 30%. the toolbar, press ALT-F10 (PC) or ALT+FN+F10 (Mac)