Daniel Ltd. owns all of the shares of Scott Ltd. The following intragroup transactions, are all independent unless specified. Assume an income tax rate of 30%. Prepare the consolidation worksheet entries at 30 June 2020 to adjust for the effects of the following intragroup transactions (narrations are not required).

Part C

Daniel Ltd. sold land to Scott Ltd. in December 2019. The land had originally cost Daniel Ltd. $20 000, but was sold to Scott Ltd for only $16 000. (3 marks)