The equity in Subsidiary Ltd was acquired on 1 April 2013. At that date the equity of Subsidiary Ltd comprised: Share capital balance of $100 000 and Retained earnings of $30 000.

The identifiable net assets of Subsidiary Ltd were not fairly valued on 1 April 2013

because: Subsidiary Ltd had an internally generated intangible asset with an estimated fair value of $15 000. Subsidiary Ltd uses the cost model for its property, plant and equipment (PPE); the cost of the PPE was $70 000 and the fair value was estimated to be $95 000.

• Prior years impairment of total goodwill amounted to $3 000. For the current year ended 31 March 2022 the directors of Parent Ltd believe that the total goodwill has been further impaired by $4 000.
• During the month ended 31 March 2021 Subsidiary Ltd made sales to Parent Ltd of $30 000 and recognised a profit of $5 000. Parent Ltd sold this purchase of inventory to Pink Ltd on 15 May 2021.
• During the month ended 31 March 2022 Subsidiary Ltd made sales to Parent Ltd of $7 000 and recognised a profit of $3 200. This purchase remained in the inventory of Parent Ltd as at 31 March 2022.
• During the month ended 31 March 2022 Parent Ltd made sales to Subsidiary Ltd of $3 000 and recognised a profit of $900. Subsidiary Ltd sold this purchase of inventory to Ford Ltd on 5 April 2022.
• Subsidiary Ltd billed Parent Ltd $4 200 for consulting advice provided on 28 February 2022. This transaction had been recognised by both entities; it remained unpaid as at 31 March 2022. With the above information can you please show me the workings for the notional journal entries Assume Parent Ltd acquired 100% of the equity in Subsidiary Ltd for $200,000 on 1 April 2013. Posting 2nd time this question. Please provide answer as soon as possible.