The following financial statements of Tina Ltd and its subsidiary Jane Ltd have been extracted from their financial records at 30 June 2020. Tina Ltd ($000) Jane Ltd ($000) Reconciliation of operating profit and closing retained earnings Sales revenue 671.4 540 Cost of goods sold (464) (238) Gross profit 207.4 302 Dividends received from Jane Ltd 93 - Management fee revenue 26.5 Gain on sale of plant 40 35 Expenses Administrative expenses (30.8) (38.7) Depreciation (29.5) (56.8) Management fee expense - (26.5) Other expenses (101.1) (72) Profit before tax 205.5 143 Tax expense (61.5) (42.2) Profit for the year 144 100.8 Retained earnings 30 June 2019 319.4 239.2 463.4 340 Dividends paid (137.4) (93) Retained earnings 30 June 2020 326 247 Tina Ltd ($000) Jane Ltd ($000) Statement of financial position Shareholders' equity Retained earnings 326 247 Share capital 350 200 Current liabilities Accounts payable 54.7 46.3 Tax payable 41.3 25 Non-current liabilities Loans 173.5 116 945.5 634.3 Current assets Accounts receivable 59.4 62.3 Inventory 92 29 Non-current assets Land and Buildings 224 326 Plant - at cost 299.85 355.8 Accumulated depreciation (85.75) (138.8) Investment in Jane Ltd 356 - 945.5 634.3

Other information:

a) Tina Ltd acquired its 100 per cent interest in Jane Ltd on 1 July 2015, that is, five years earlier. At that date the capital and reserves of Jane Ltd were: Share capital $200,000 Retained earnings 180,000 $380,000 At the date of acquisition all assets were considered to be fairly valued.

b) During the year Tina Ltd made total sales to Jane Ltd of $60,000.

c) The closing inventory in Tina Ltd includes inventory acquired from Jane Ltd at a cost of $33,000. This cost Jane Ltd $28,000 to produce.

d) Jane Ltd sold $50,000 in inventory to Tina Ltd.

e) The closing inventory of Jane Ltd includes inventory acquired from Tina Ltd at a cost of $12,000. This cost Tina Ltd $10,000 to produce.

f) The opening inventory in Tina Ltd as at 1 July 2019 included inventory acquired from Jane Ltd for $40,000 that cost Jane Ltd $30,000 to produce.

g) On 1 July 2019 Jane Ltd sold an item of plant to Tina Ltd for $116,000 when its carrying value in Jane Ltd's accounts was $81,000 (cost $135,000, accumulated depreciation $54,000). This plant is assessed as having a remaining useful life of six years.

The group has a policy of measuring its property, plant and equipment using the cost model. The group uses the straight-line method of depreciation.

h) Jane Ltd paid $26,500 in management fees to Tina Ltd

i) The tax rate is 30 per cent.

Prepare the journal entries.

Prepare the consolidated statement of financial position and consolidated statement of profit or loss and other comprehensive income in a worksheet format.