Q4 On 1st July 2021 Jensen Ltd acquired 80% of the issued shares of Interceptor Ltd for $315,200. The equity of Interceptor Ltd at that date comprised:

Share capital (250,000 ordinary shares) $250,000

Retained earnings 49,375

General reserve 100,000

The assets and liabilities of Interceptor Ltd were all valued at fair value except for:

Additional information

The machinery, which a remaining life of 5 years, was sold on 1st July 2022 for $175,000.

All the inventory held at 1st July 2021 was sold in the year after acquisition.

All valuation adjustments were made by consolidation worksheet journal entries.

Interceptor Ltd had the following transactions during the years to 30th June 2022 and 30th June 2023.

It is group policy to account for dividends upon declaration. Assume a tax rate of 30%.

Required 

Prepare the adjusting consolidation worksheet journal entries for the years ended 30th June 2022 and 30th June 2023.