PLEASE SOLVE PART E QUESTION 4 Part (E)Josh Ltd sold inventory to Edie Ltd for $50,000 during the previous financial year on 2 February2021. The original cost of the inventory to Josh Ltd was $30,000. All of the inventory remained onhand on 30 June 2021. Three quarters (75%) of the inventory was sold to an external party duringthe year ended 30 June 2022, and the remaining one quarter (25%) of the inventory was still onhand by the end of the year. 0QUESTION 4:This question consists of 6 parts (Parts A, B, C, D, E, and F). All parts must be attempted.The following transactions occurred between Edie Ltd and its wholly owned subsidiary, Josh Ltd. Alltransactions occurred during the year ended 30 June 2022 unless specifically stated otherwise. Thecompany tax rate is 30%.Required:Prepare the adjustment entries required to eliminate the intra-group transactions in the consolidationworksheet of Edie Ltd Group on 30 June 2022.Details of the transactions are provided below in Parts A-F. Provide the journal entries in the text boxbelow the description of each transaction.There is no worksheet provided in this question and therefore you are not required to post the entries to aworksheet. When making adjustments to the relevant accounts, you can assume that each account thatyou need to adjust exists in the worksheet.Show all calculations.Formatting requirements: In all journal entries, you must specify whether the entry is a debit or creditentry by including "Dr" or "Cr" before the account name. Credit entries must also be indented. Journalentries which do not follow these requirements will be awarded a mark of zero. Below are examples ofcorrectly formatted journal entries:Dr Cash1000Cr Cash1000

Josh Ltd is the subsidiary [wholly owned] of Edie Ltd . So Edie Ltd will prepare…

Answered: osh Ltd sold inventory to Edie Ltd for…

Business

Accounting

osh Ltd sold inventory to Edie Ltd for $: during the previou

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter8: Consolidated Tax Returns

Section: Chapter Questions

Problem 37P

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