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Following information is related to Parent and Sub Ltd. Subsidiary purchases machine for $10,000 on 1 July 2020 Depreciates asset at 10% per year On
- Following information is related to Parent and Sub Ltd. Subsidiary purchases machine for $10,000 on 1 July 2020
- Depreciates asset at 10% per year
- On 30 June 2021, it sold the machine to Parent for $80,000
- The tax rate is 30%
What is the journal entry to record above intra-group profit or loss at the year-end (30/06/2021) consolidated financial reports?
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To record the intragroup profit or loss resulting from the sale of the machine from Subsidiary to Pa...
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Financial Accounting
Authors: Craig Deegan
9th Edition
1743767382, 9781743767382
