FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 1 July 2018, Melbourne Ltd bought land from Sydney Ltd for $130,000. The land had originally cost Sydney Ltd $120,000. The land remains on

On 1 July 2018, Melbourne Ltd bought land from Sydney Ltd for $130,000. The land had originally cost Sydney Ltd $120,000. The land remains on hand with Melbourne Ltd at 30 June 2020. . Prepare the journal entries for the consolidation worksheet for 30 June 2020. Details of intra-group transactions that are relevant to the consolidation for 30 June 2020 are as follows:Assume an income tax rate of 30%.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting an introduction to concepts, methods and uses

Financial Accounting an introduction to concepts, methods and uses

Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis

13th Edition

978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003

More Books

Students also viewed these Accounting questions

Question

★★★★★
What would each of the following tend to indicate about the state of the economy? That is, in each of these situations, is the economy likely to be headed for a recession, in a recession, headed for...

Answered: 1 week ago

Question

★★★★★
Sydney Ltd incorporated the subsidiary Melbourne Ltd by contributing $500,000 for all the 400,000 issued shares. Prepare the journal entries for the consolidation worksheet for 30 June 2020. Details...

Answered: 1 week ago

Question

★★★★★
Pre Workshop Review Question 5 .Are adjustments for post-acquisition dividends different from those for pre-acquisition dividends? Explain. Review Question 8 When are profits realised on transfers of...

Answered: 1 week ago

Question

★★★★★
A six-lane freeway (three lanes in each direction) in a scenic area has a measured free-flow speed of 88.5 km/h. The peak-hour factor is 0.80, and there are 8% large trucks and buses and 6%...

Answered: 1 week ago

Question

★★★★★
The Canadian Public Accountability Board (CPAB) and the Public Company Accounting Oversight Board (PCAOB) in the United States will provide oversight for public accountants who audit public...

Answered: 1 week ago

Question

★★★★★
Determine the forces in all bars of the trusses in Figure P4.42. Indicate if bar forces are tension or compression. 24 kips E W 969 B 12' +4 12'

Answered: 1 week ago

Question

★★★★★
Using the Body Fat data set, determine the equation of the least squares regression line for relating percent body fat (PCTBF) to (a) chest circumference (Chest). (b) abdomen circumference (Abdomen)....

Answered: 1 week ago

Question

★★★★★
Terry and Jessica Benedict invested $6,000 in a savings account paying 4% annual interest when their daughter, Kristi, was born. They also deposited $1,000 on each of her birthdays until she was 18...

Answered: 1 week ago

Question

★★★★★
A company is analyzing two mutually exclusive projects, S and L, with the following cash flows: 4 0 2 3 + . Projects -$1,000 $893.25 $240 $15 $5 Project L -$1,000 $0 $260 $420 $750.44 The company's...

Answered: 1 week ago

Question

★★★★★
In 2016, Food Dive reported that packaged food manufacturers were seeing sales decline as consumers turned away from foods like mass-produced soda and cereal. Responding to declining sales and rising...

Answered: 1 week ago

Question

★★★★★
Which of the following is the main advantage of setting up special journals? They can be used with a cash accounting system. They remove the need for double entry recording. They make the preparation...

Answered: 1 week ago

Question

★★★★★
Question 2 There have been some misinterpretations on the similarities and differences of the concepts; management, leadership and administration. Compare and contrast leadership, management and...

Answered: 1 week ago

Question

★★★★★
You are trying to select between four online Help Desk plans from the Geek Squad. The Black Belt plan costs $29.95 / month plus $1 / online response, the Brown Belt plan costs $19.95 / month plus $3...

Answered: 1 week ago

Question

★★★★★
Banana plc is a new firm planning to have an Initial Public Offering prior to the launch of the second-generation iPhone. Four analysts are trying to determine a price for Banana plc shares, but they...

Answered: 1 week ago

Question

★★★★★
Consider the following securities. They all have the same face value, annual coupon rate and frequency of coupon payments per year. Which one of these would you expect to pay the lowest price at...

Answered: 1 week ago

Question

★★★★★
As an employee of a large international courier and shipping service, Bill Wiley met with many companies that shipped and received packages almost every day. He was frequently asked if his company...

Answered: 1 week ago

Question

★★★★★
Required: a. Identify whether each audit procedure is a test of control (TC) or a substantive test of transactions (ST). Place a X in the appropriate box b. State which transaction-related audit...

Answered: 1 week ago

Question

★★★★★
Explain the regulation of the secretions of the small intestine.

Answered: 1 week ago

Question

★★★★★
Examine each of the following situations and state whether you would expect to find a high correlation between the variables. Give reasons why an observed correlation cannot be interpreted as a...

Answered: 1 week ago

Question

★★★★★
Refer to Exercise 3.45. (a) Make a scatter plot for the cereals made by Kelloggs. (b) Calculate r for the cereals made by Kelloggs. Do sugar content and carbohydrate content seem to be associated or...

Answered: 1 week ago

Question

★★★★★
Refer to Exercise 3.45. (a) Make a scatter plot for the cereals made by General Mills. (b) Calculate r for the cereals made by General Mills. Do sugar content and carbohydrate content seem to be...

Answered: 1 week ago

Previous Question Next Question