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Prepare the adjusting entries to eliminate intragroup transaction (upstream): On 1 May 2017, Dawson Ltd(Subsidiary) sold its internally generated cybersecurity software to Mildred Ltd(Parent) for

Prepare the adjusting entries to eliminate intragroup transaction (upstream):

On 1 May 2017, Dawson Ltd(Subsidiary) sold its internally generated cybersecurity software to Mildred Ltd(Parent) for $130,000. At the time of its disposal it was estimated to have a definite useful life of 10 years using straight-line amortisation basis.

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