Yadra Ltd owns all of the share capital of Viti Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2016. Assume an income tax rate of 30%.

1. (a) During the year ending 30 June 2016, Viti Ltd sold $55 000 worth of inventory to Yadra Ltd. Viti Ltd recorded an $8000 profit before tax on these transactions. At 30 June 2016, Yadra Ltd has one-quarter of these goods still on hand.