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15 pts PLtd owns 100% of the issued capital of S Ltd. Both companies use the perpetual method of accounting for inventory. Assume the tax
15 pts PLtd owns 100% of the issued capital of S Ltd. Both companies use the perpetual method of accounting for inventory. Assume the tax rate is 30% Required: 5 marks for each part Prepare consolidation journal entries for the year ended 30/06/2020 for each of the following independent cases: 1. In April 2020. S Ltd sold inventory to P Ltd for $100,000. This had originally cost 5 Ltd $60,000. At 30/6/2020. s Ltd still had 25% of the inventory on hand
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
