On $1$ July $2020,$ Simpson Ltd acquired $70$ per cent of the share capital of Homer Ltd for $\backslash (\backslash$$ $420,000\backslash ).$ At acquisition date, the share capital and reserves were: At the date of acquisition, all identifiable net assets of Homer Ltd were recorded at fair value. During the year ended $30$ Jun $2021,$ the following transactions occurred: Property was required to be revalued on acquisition date. In the accounts of books of Homer Ltd$,$ property was recorded at $\backslash (\backslash$$ $950,000\backslash ).$ Simpson Ltd had an independent valuation completed which confirmed the asset could be sold for $\backslash (\backslash$$ $1,000,000\backslash ).$ On $1$ July $2020,$ Homer Ltd sold plant to Simpson Ltd that cost $\backslash$$$50,000$ and had accumulated depreciation $\backslash (\backslash$$ $20,000\backslash ).$ The selling price of the plant was $\backslash (\backslash$$ $40,000\backslash ).$ At the date of sale, the plant could be depreciated straight line, $\backslash (25\backslash \%\backslash )$ per year. Pre$-$tax profit for $30$ June $2021$ is $\backslash (\backslash$$ $100,000\backslash ).$ During this year there were intragroup sales totalling $\backslash (\backslash$$ $60,000\backslash )$ that had a cost price of $\backslash (\backslash$$ $30,000\backslash ).$ Homer Ltd had a quarter of this inventory still on hand at the end of this year. A consultancy fee of $\backslash (\backslash$$ $10,000\backslash )$ was paid by Homer Ltd to Simpson Ltd$.$ Homer Ltd paid a dividend of $\backslash$$$15,000$ during the year. Ignore the tax implications of these transactions. Required: $1.$ Prepare the consolidation journal entries for the above transactions $2.$ Calculate the non$-$controlling interests in profits for the year ended $30$ June $2021$ and prepare the elimination entry for the NCI.