The following account balances existed at 30 June 2025:

Lakemba Lid: Dividend Revenue $5,500 and Dividend Receivable $500.

Fairlight Lid. Dividend Paid $5,500 and Dividend Payable Snil.

Prepare the consolidation elimination journal entry for intra-group dividend for the year ending 30 June 2025 (Narrations are required) (1 mark)

 During the year ending 30 June 2025, intra-group sales of inventory between Lakemba Ltd and Fairlight Ltd were $25 000, and unrealized profit was in inventory

• as at 1 July 2024: $4,000
• as at 30 June 2025: $8,000

Prepare the consolidation elimination joural entries for intra-group sales of inventory for the year ending 30 June 2025. (Narrations are required)

 Tax Rate = 30%