This question follows on from the question above. On 1/1/2020 Parent paid $410,000 to buy all the shares of Sub. On this date Sub reported the following balances. $300,000 Share capital Retained profits $30,000 All the assets and liabilities of Sub were at fair value, except for some inventory which had cost $200,000. On the date of acquisition, this asset had a fair value of $300,000. All this inventory was sold by 31/12/2020, the end of the financial year for Parent. The income tax rate is 30%. Required: Prepare all the relevant journal entries required for the consolidation worksheet for the year ended 31/12/2020. Activate v Go to Setting This question follows on from the question above. On 1/1/2020 Parent paid $410,000 to buy all the shares of Sub. On this date Sub reported the following balances. $300,000 Share capital Retained profits $30,000 All the assets and liabilities of Sub were at fair value, except for some inventory which had cost $200,000. On the date of acquisition, this asset had a fair value of $300,000. All this inventory was sold by 31/12/2020, the end of the financial year for Parent. The income tax rate is 30%. Required: Prepare all the relevant journal entries required for the consolidation worksheet for the year ended 31/12/2020. Activate v Go to Setting