Surf Ltd is the wholly owned subsidiary of Boat Ltd. The following transactions occur between the two entities during the financial year ending 30 June 2021:

1. On 1 July 2020 Boat Ltd sells an item of non-current asset to Surf Ltd for $470,000. This asset cost Boat Ltd $560,000 and had accumulated depreciation of $180,000 at the date of the sale. The remaining useful life of the asset is assessed as 10 years. (4 marks)
2. Boat Ltd contracted Surf Ltd to provide management consultancy services worth $160,000 during the year. Twenty-five percent (25% of the total contract price remains unpaid at 30 June 2021. (2 marks)

Required:

Assuming a tax rate of 30%, provide consolidation adjustment entries for the above inter-entity transactions to enable the preparation of the consolidated report for the year ending 30 June 2021.