A non$-$current asset with a carrying amount of $$2400$ was sold by the parent to its subsidiary for $$1000$ on $1$

January $2019.$ The subsidiary intended to use this item as inventory, being a seller of second$-$hand goods.

Both entities charged depreciation at the rate of $25\%$ p$.$a$.$ on the diminishing balance on non$-$current assets.

The item was still on hand at $30$ June $2019.$ Assume an income tax rate of $30\%.$ Prepare the consolidation

worksheet adjusting entries for preparation of the consolidated financial statements as at $30$ June $2019$

Answer:

Please make sure you dont answer this with $3$ seperate journal enteries. $($just dr$,$ cr$,$ cr$)$ or $($dr$,$ dr$,$ cr$)=1$ joural entry not $3.$