Computer Patch Ltd acquired 100% shares in Microchips Ltd on the 1 July 2019 for a cost of $ 2 million. The following financial statements of Computer Patch Ltd and Microchips Ltd have been extracted at the time of acquisition:

	Computer Patch Ltd	Microchips Ltd
Reconciliation of opening and closing retained earnings	($000)	($000)
Sales revenue	671.4	540
less Cost of goods sold	(464)	(238)
Gross Profit	207.4	302
Dividends received from Microchips Ltd	93	-
Management fee revenue from Microchips Ltd	26.5	-
Gain on sale of plant	40	35
Expenses:
Administrative expenses	(30.8)	(38.7)
Depreciation	(29.5)	(56.8)
Management fee expense	-	(26.5)
Other expenses	(101.1)	(72)
Profit before tax	205.5	143
Tax expense	61.5	42.2
Profit for the year	144	100.8
Retained earnings 30 June 2019	319.4	750.0
	463.4	850.8
Dividends paid	(137.4)	(93)
Retained earnings 30 June 2020	326.00	757.80
Statement of financial position
Shareholders equity
Retained earnings	326	757.80
Share capital	1,350	1,500
Current liabilities
Accounts payable	95.7	46.3
Non-current liabilities
Loans	817.8	116
	2,589.50	2,420.10
Current assets
Accounts receivable	59.4	448.10
Inventory	92	829
Non-current assets
Land	224	926
Plant at cost	299.85	355.8
Accumulated depreciation	(85.75)	(138.8)
Investment in Microchips Ltd	2,000	-
	2589.50	2,420.10

At the time of acquisition, the equity accounts of Microchips were:

Share capital 1,500,000

Retained earnings 750,000

All assets are fairly stated.

During the 2019/20 financial year Computer Patch Ltd sells inventory to Microchips Ltd for $250,000. The inventory cost Computer Patch $200,000 to produce. At year end, 25% of the inventory was still on hand with Microchips Ltd.

Required:

Provide the consolidation elimination journals at 30 June 2020.