what is the elimination needed for consolidation when the opening inventory of N at 1 July 2017 included inventory that had been sold to them by M Ltd on the 23 June 2017 at a profit of $78 000. All inventory had been sold to external entities by 30 June 2018.Note N is the parent company and M is the subsidiary

Inventory 8,640

Retained Profits - 1 July 2017 36,238

Retained Profits - 30 June 2018 49,152