Victoria Ltd owns 100 per cent of the shares of Mildura Ltd. These shares are acquired on 1 July 2020 for $2,000,000 when the shareholders’ funds of Mildura Ltd are: Share capital $1,200,000, Revaluation surplus $600,000 and Retained earnings $300,000.

All assets of Mildura Ltd are fairly stated at the acquisition date.

In January 2021, Victoria Ltd sells inventories to Mildura Ltd for $30,000 in cash. These inventories cost Victoria Ltd $20,000, and remain unsold with Mildura Ltd at the end of the period.

In February 2021, Victoria Ltd sells inventories again to Mildura Ltd for $40,000 in cash. These inventories cost Victoria Ltd $30,000, and are on-sold externally.

In April 2021, Mildura Ltd sells inventories to Victoria Ltd for $50,000 in cash. These inventories cost Mildura Ltd $35,000 and half are still on hand with Victoria Ltd.

In March 2021, Victoria Ltd sold such an item to Mildura Ltd for $60,000, its cost to Victoria Ltd being only $50,000 to manufacture. Mildura Ltd charges depreciation on these machines at 10% p.a. on the straight line method.

In April 2021, Mildura Ltd declared $35,000 of dividends.

In May 2021, Mildura Ltd paid $20,000 of management fee to Victoria Ltd.

Required:

Show the relevant consolidated journal entries for the year ended 30 June, 2021 (including tax effects where relevant).