In May 2017, a Parent Sold Inventories to a Subsidiary

In May 2017, a parent sold inventories to a subsidiary entity for $60 000. The inventories had previously cost the parent entity $48 000. The entire inventory is still held by the subsidiary at reporting date, 30 June 2017. Ignoring tax effects, which of the following is the adjustment entry in the consolidation worksheet at reporting date? $\begin{array}{llll}\text { Cash } & \mathrm{Dr} & 48000 & \\\text { Sales revenue } & \mathrm{Cr} & & 48000 \\\text { Cost of sales } & \mathrm{Dr} & 48000 & \\\text { Inventories } & \mathrm{Cr} & & 48000\end{array}$

$\begin{array}{llll}\text { Sales revenue } & \mathrm{Dr} & 48000 & \\\quad \text { Cash } & \mathrm{Cr} & & 48000 \\\text { Inventories } & \mathrm{Dr} & 48000 & \\\text { Cost of sales } & \mathrm{Cr} & & 48000\end{array}$

$\begin{array}{llll}\text { Cost of sales } & \mathrm{Dr} & 60000 & \\\text { Sales revenue } & \mathrm{Cr} & & 12000 \\\text { Inventories } & \mathrm{Cr} & &48000\end{array}$

$\begin{array}{llll}\text { Sales revenue } & \mathrm{Dr} & 60000 & \\\text { Cost of sales } & \mathrm{Cr} & & 48000 \\\text { Inventories } & \mathrm{Cr} & &12000\end{array}$