solved:Mallee Ltd owns 100% of the shares of Fowl Ltd. The followi

  

Mallee Ltd owns 100% of the shares of Fowl Ltd. The following events occurred during the period ended 2020: (a) Fowl Ltd sold inventory for $15 000 in August 2019. This inventory had been sold to it by Mallee Ltd in June 2019 for $13 500. The inventory had originally cost Mallee Ltd $9000. (b) On 1 January 2019, Fowl Ltd sold machinery to Mallee Ltd for $150 000. The carrying amount of the machinery at time of sale was $120 000. The machinery is depreciated at 10% p.a. on cost.Prepare the consolidation worksheet entries for the above two transactions for the preparation of consolidated financial statements at 30 June 2020.BusinessAccounting ACC 303