Super Ltd owns all the shares of Man Ltd. The shares were acquired on 1 July 2012 by Super Ltd at a cost of $220,000. At the acquisition date, the capital of Man Ltd consisted of 88,000 ordinary shares each fully paid at $1. There were retained earnings of $8,000. All the identifiable assets and liabilities of Man Ltd were recorded at amounts equal to fair value except for the following:

Carrying Amount

Fair Value

Inventory

$24,000

$30,000

Land

$120,000

$140,000

Machinery (cost $200,000)

$160,000

$164,000

Inventory and land had both been sold in 2013. Machinery has been depreciated at a rate of 10% a year.

Additional information:

1. Intragroup sales of inventory for the year ended 30 June 2014 was $34,000
2. Intragroup inventory on hand:
3. At 1 July 2013: held by Man Ltd, purchased from Super the previous year at a profit of $800. None of the stock is on hand at 30 June 2014.
4. At 30 June 2014, held by Super, purchased from Man at a profit of $400. 100% of the stock is on hand at 30 June 2014.
5. Intragroup machinery on hand at 30 June 2014:
6. Super Ltd: purchased from Man Ltd on 1 July 2013 for $20,000 at a profit of $1,000. There is only one machine to be considered. Depreciation rate is 10% per year.
7. Man Ltd had purchased from Super Ltd an item of inventory. The carrying amount in Super's records at time of sale (1 Jan 2014) was $10,000 and it was sold at a profit of $2,000. The inventory is still on hand at 30 June 2014.

Required:

Prepare all journal entries required for consolidation of Super Group Ltd for the year ended 30 June 2014. Show all calculations necessary. Consolidation worksheet is not required.