The journal entries to eliminate unrealised profit in closing inventory at 30 June 2014 were as follows: \[\begin{array} { | l | r | r | } \hline 30 \text { June } 2014 & & \\ \hline \text { Dr Cost of goods sold } & 50000 & \\ \hline \text { Cr lnventory } & & 50000 \\ \hline & & \\ \hline \text { Dr Deferred tax asset } & 15000 & \\ \hline \text { Cr Income tax expense } & & 15000 \\ \hline \end{array}\] What are the journal entries to eliminate the unrealised profits in opening inventory the following period?

A) \(\begin{array}{|l|r|l|} \hline 1 \text { July } 2014 & & \\ \hline \text { Dr Cost of goods sold } & 50000 & \\ \hline \text { Cr Inventory } & & 50000 \\ \hline & & \\ \hline \text { Dr Deferred tax asset } & 15000 & \\ \hline \text { Cr Income tax expense } & & 15000 \\ \hline \end{array}\) B) \(\begin{array}{|l|r|l|} \hline 1 \text { July } 2014 & & \\ \hline \text { Dr Opening retained earnings (1 July 2014) } & 50000 & \\ \hline \text { Cr Cost of goods sold } & & 50000 \\ \hline & & \\ \hline \text { Dr Deferred tax asset } & 15000 & \\ \hline \text { Cr Opening retained earnings (1 July 2014) } & & 15000 \\ \hline \end{array}\) C) \[\begin{array} { | l | r | r | } \hline \text { 1 July } 2014 & & \\ \hline \text { Dr Opening retained earnings (1 July 2014) } & 50000 & \\ \hline \text { Cr lnventory } & & 50000 \\ \hline & & \\ \hline \text { Dr Deferred tax asset } & 15000 & \\ \hline \text { Dr Opening retained earnings (1 July 2014) } & & 15000 \\ \hline \end{array}\] D) \[\begin{array} { | l | r | r | } \hline \text { 1 July } 2014 & & \\ \hline \text { Dr Opening retained earnings (1 July 2014) } & 50000 & \\ \hline \text { Cr Cost of goods sold } & & 50000 \\\hline \\ \hline \text { Dr Income tax expense } & 15000 \\ \hline \text { Cr Opening retained earnings (1 July 2014) } && 15000 \\ \hline \end{array}\] A) \(\begin{array}{|l|r|l|} \hline 1 \text { July } 2014 & & \\ \hline \text { Dr Cost of goods sold } & 50000 & \\ \hline \text { Cr Inventory } & & 50000 \\ \hline & & \\ \hline \text { Dr Deferred tax asset } & 15000 & \\ \hline \text { Cr Income tax expense } & & 15000 \\ \hline \end{array}\) B) \(\begin{array}{|l|r|l|} \hline 1 \text { July } 2014 & & \\ \hline \text { Dr Opening retained earnings (1 July 2014) } & 50000 & \\ \hline \text { Cr Cost of goods sold } & & 50000 \\ \hline & & \\ \hline \text { Dr Deferred tax asset } & 15000 & \\ \hline \text { Cr Opening retained earnings (1 July 2014) } & & 15000 \\ \hline \end{array}\) C) \[\begin{array} { | l | r | r | } \hline \text { 1 July } 2014 & & \\ \hline \text { Dr Opening retained earnings (1 July 2014) } & 50000 & \\ \hline \text { Cr lnventory } & & 50000 \\ \hline & & \\ \hline \text { Dr Deferred tax asset } & 15000 & \\ \hline \text { Dr Opening retained earnings (1 July 2014) } & & 15000 \\ \hline \end{array}\] D) \[\begin{array} { | l | r | r | } \hline \text { 1 July } 2014 & & \\ \hline \text { Dr Opening retained earnings (1 July 2014) } & 50000 & \\ \hline \text { Cr Cost of goods sold } & & 50000 \\\hline \\ \hline \text { Dr Income tax expense } & 15000 \\ \hline \text { Cr Opening retained earnings (1 July 2014) } && 15000 \\ \hline \end{array}\]