Question
Explain in detail, using the relevant journal entries, how the following transaction affects the NCI calculation of profit and RE for the year ended 30
Explain in detail, using the relevant journal entries, how the following transaction affects the NCI calculation of profit and RE for the year ended 30 June 2020 and why?
Turkish Ltd owns 90% of the share capital of Delight Ltd.The income tax rate is 30%.
On 30 June 2019, Delight Ltd sold machinery to Turkish Ltd for $30 000 cash. This machinery was carried at $25 000 in the records of Delight Ltd at the time of sale.Turkish depreciates the machinery using 10% straight-line method.
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
