Question 7 [Total: 23 marks] - a (9 marks) The financial year of Peacock Ltd and Dove Ltd started on 1 July of each year and ended on 30 June of the following year. On 1 July 2020 Peacock Ltd acquired a 100 percent (100%) interest in Dove Ltd. The following information relates to the financial year ended 30 June 2021. The tax rate is 30 percent (30%). On 1 July 2020 Peacock Ltd sold an excavator to Dove Ltd for $2 600 000for cash. At the time of sales, the purchase price and accumulated depreciation of the excavator in Peacock Ltd's accounts were $3 000 000 and $1 200 000 respectively. The excavator is assessed as having a remaining useful life of five years. The Group has a policy of measuring property, plant, and excavator using the 'cost model'. The group uses the straight- line method of depreciation. Dove Ltd sold $120 000 of inventory to Peacock Ltd. The inventory cost Little Ltd $90 000 to produce the opening inventory of Peacock Ltd on 1 July 2020 including inventory acquired from Dove Ltd for $18 000 that cost Dove Ltd $14 000 to produce. The closing inventory of Peacock Ltd includes inventory acquired from Dove Ltd at a cost of $40 000, which cost Dove Ltd $30 000 to produce. Required a) Provide all journal entries related to the intragroup sale of the excavator. (9 marks)