"X Ltd owns all the share capital of Y' Ltd. The income tax rate is 30% The following transactions took place during the periods ended 30 June 2019 or 30 June 2020. (a) On 1 May 2019, 'Y' Ltd sold inventories costing $6,000 to X Ltd for $12,000 on credit On 30 June 2019, only half of these goods had been sold by 'X Ltd to external entities and 'X' Ltd had paid $6,000 to 'Y Ltd. All remaining inventories were sold to external entities by 30 June 2020 and 'X' Ltd paid the outstanding amount to 'Y' Ltd on 5 May 2020. (b) On 1 January 2019, 'X' Ltd sold an item of plant to 'Y Ltd for $100,000. Immediately before the sale, 'X' Ltd had the item of plant on its accounts for $120,000. X' Ltd depreciated items at 5%p.a. on the diminishing balance and 'Y' Ltd used the straight-line method over 10 years. (c) An inventories item with a cost of $40,000 was sold by 'XLtd to 'Y' Ltd for $36,000 on 1 January 2020. 'Y' Ltd intended to use this item as equipment. Both entities charge depreciation at the rate of 10%p.a. on the diminishing balance on non-current assets. The item was still on hand at 30 June 2020. (d) 'X' Ltd provided management services to 'Y' Ltd during the period ended 30 June 2020. The total charge for those services was $50,000, and that was unpaid at 30 June 2020. (e) 'X' Ltd borrows $600,000 from 'Y Ltd on 1 July 2018 with an interest rate of 6%p.a. The loan is for 5 years. The interest is to be paid biannually in arrears, starting on 31 December 2018 Required In relation to the above intra group transactions: item was still on hand at 30 June 2020. (d) 'X' Ltd provided management services to 'Y' Ltd during the period ended 30 June 2020. The total charge for those services was $50,000, and that was unpaidat 30 June 2020. (e) 'X' Ltd borrows $600,000 from 'Y' Ltd on 1 July 2018 with an interest rate of 6%p.a The loan is for 5 years. The interest is to be paid biannually in arrears, starting on 31 December 2018 Required In relation to the above intragroup transactions: Prepare adjusting journal entries for the consolidation worksheet at 30 June 2019 and 30 June 2020. I Page 13 020 "X Ltd owns all the share capital of Y' Ltd. The income tax rate is 30% The following transactions took place during the periods ended 30 June 2019 or 30 June 2020. (a) On 1 May 2019, 'Y' Ltd sold inventories costing $6,000 to X Ltd for $12,000 on credit On 30 June 2019, only half of these goods had been sold by 'X Ltd to external entities and 'X' Ltd had paid $6,000 to 'Y Ltd. All remaining inventories were sold to external entities by 30 June 2020 and 'X' Ltd paid the outstanding amount to 'Y' Ltd on 5 May 2020. (b) On 1 January 2019, 'X' Ltd sold an item of plant to 'Y Ltd for $100,000. Immediately before the sale, 'X' Ltd had the item of plant on its accounts for $120,000. X' Ltd depreciated items at 5%p.a. on the diminishing balance and 'Y' Ltd used the straight-line method over 10 years. (c) An inventories item with a cost of $40,000 was sold by 'XLtd to 'Y' Ltd for $36,000 on 1 January 2020. 'Y' Ltd intended to use this item as equipment. Both entities charge depreciation at the rate of 10%p.a. on the diminishing balance on non-current assets. The item was still on hand at 30 June 2020. (d) 'X' Ltd provided management services to 'Y' Ltd during the period ended 30 June 2020. The total charge for those services was $50,000, and that was unpaid at 30 June 2020. (e) 'X' Ltd borrows $600,000 from 'Y Ltd on 1 July 2018 with an interest rate of 6%p.a. The loan is for 5 years. The interest is to be paid biannually in arrears, starting on 31 December 2018 Required In relation to the above intra group transactions: item was still on hand at 30 June 2020. (d) 'X' Ltd provided management services to 'Y' Ltd during the period ended 30 June 2020. The total charge for those services was $50,000, and that was unpaidat 30 June 2020. (e) 'X' Ltd borrows $600,000 from 'Y' Ltd on 1 July 2018 with an interest rate of 6%p.a The loan is for 5 years. The interest is to be paid biannually in arrears, starting on 31 December 2018 Required In relation to the above intragroup transactions: Prepare adjusting journal entries for the consolidation worksheet at 30 June 2019 and 30 June 2020. I Page 13 020