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Question 2 (20 marks) Senior Ltd owns 100% of the issued shares of Junior Ltd. The following financial position of Senior Itd and its subsidiary Junior ltd have been extracted at 30 June 2014 Senior Ltd Junior Ltd S million S million Shareholders' equ Retained Share capital Current liabilities Accounts Tax payable 152.8 164.06 78 93.75 1.7 11.72 ble 7.5 on-current liabilities Loans 88.5 54.38 97 Current assets Accounts receivable Inven Non-current assets 27.84 29.2 43.02 3.59 Inven Non-current assets Land and buildings Plant at cost Accumulated Investment in Junior Ltd 4.5 150 40 187.5 442.86 152.8 66.78 65.04 ation 97.33 On 1 July 2013, Senior Ltd sold an item of plant to Junior Ltd for 1.35 million. This plant carrying value in Senior Ltd's accounts was $1.0125 million (cost $1.6875 million and accumulated depreciation $0.675 million). The remaining useful life of the plant is assessed as 12 years and the tax rate is 33% Required Provide the consolidation journal entries for 30 June 2014 and 30 June 2015 to adjust for the above sale