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in viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing Tasmanian Ltd owns all the issued shares of Tiger
in viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing Tasmanian Ltd owns all the issued shares of Tiger Ltd, having acquired its ownership inter on 1 August 2010. The accountant, Ms Echidna, is preparing the consolidated financial statements at 30 June 2016, and, as a part of preparing the consolidation worksheet for Tasmanian Ltd, is analysing the intragroup transactions between the parent and its subsid The intragroup transactions under analysis are as follows (assume a tax rate of 30%): a) On 1 February 2016, Tiger Ltd sold inventory to Tasmanian Ltd for $15 000, recordir before-tax profit of $3000. By 30 June 2016, Tasmanian Ltd has sold one-third of thes other entities for $6000. b) On 1 January 2015, Tasmanian Ltd sold an item of machinery to Tiger Ltd that Tiger classified as inventory. At the date of sale, Tasmanian Ltd had recorded the asset at a carrying amount of $150 000 (net of $20 000 depreciation, calculated using a 10% straight-line method). Tiger Ltd recorded the asset at $160 000. Tiger Ltd sold it to O Animals Ltd on 15 August 2015 for $100 000. 3) Tasmanian Ltd supplies motor vehicles to its executives, and the managing director is supplied with a new Ferrari every 2 years. On 1 January 2014, as the managing direc Tasmanian Ltd wanted a new car, the company sold the Ferrari to Tiger Ltd to be us the newly appointed accounting graduate. At the date of sale, the car had a carrying amount of $240 000, and was sold to Tiger Ltd for $260 000. The vehicle is depreciate 20% p.a. straight-line by Tiger Ltd, and is still being used by the accounting graduat 1 Tasmanian Ltd installed new computing systems at a cost of $825 000 on 1 Septembe These are depreciated evenly over a 5-year period. To assist in the installation and tr Tiger Ltd sent one of its young computer experts to Tasmanian Ltd for a 6-month pe charging the company $100 000 for the services provided. quired Prepare the consolidation worksheet entries at 30 June 2016 to adjust for the effects above inter-entity transactions
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