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Chen Ltd acquired all the issued share capital of Wang Ltd on 1 July 2020 for cash $2,000,000. At the date of acquisition, all assets of Wang Ltd were recorded at fair value, except for land. which had a carrying amount $250,000 less than its fair value. The recorded balances of equity in Wang Ltd as at 1 July 2020 were: Share capital $1,250,000 Retained earnings _$ 230, $1,530,000 The following additional information is available: - During the financial year ended 30 June 2022, 1|v'i.I"ang Ltd sold inventory for $130000 to Chen Ltd. This inventory had cost Wang Ltd $100000 to produce. Chen soon sold all inventory to Sam Ltd for $180000 on 30 June 2022. - 0n 1 July 2021, Chen Ltd sold an item of equipment to Wang Ltd for $116000 when its carrying amount was $81,000 {the original cost was $135000]. At the date of sale, the equipment had a remaining useful life of five years with a zero residual value. - [in 1 July 2022, 1|v'ii'ang Ltd lent $200,000 to Chen Ltd. $2,000 interest was paid by |IIIhen at the end of the year. - Goodwill had been impaired by 109:3 in the first year following the acquisition. During the year ended 30 June 2023, it was considered that the goodwill has been further impaired by an amount of $11000. Required: Prepare all required consolidation journal entries for the financial year ended 30 June 2023. (Narrations are not required).\f