On 30 June 2021 Parent Ltd acquired 100 per cent of the shares in Subsidiary Ltd for a cost of $1,000,000. The account balances of the two entities at the date of acquisition were: Parent Ltd ($) Subsidiary Ltd ($) Cash 200,000 100,000 Accounts receivable 260,000 180,000 Inventory 400,000 220,000 Property, plant and equipment 800,000 700,000 Accumulated depreciation (240,000) (180,000) Land 600,000 200,000 Investment in Sydney Ltd 1,000,000 - Accounts payable 220,000 140,000 Loans payable 400,000 380,000 Share capital 1,800,000 400,000 Retained earnings 600,000 300,000 Additional information: All assets of Subsidiary Ltd were fairly valued at acquisition except the land, which had a fair value of $280,000. The tax rate is 30 per cent. Required: (a) Prepare the consolidation journal entries

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