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Question 2: Intragroup Transactions (15 marks) On 1 July 2021, Dark Ltd acquired 100 per cent interest in Sandy Ltd On 1 July 2021, Dark
Question 2: Intragroup Transactions (15 marks)
On 1 July 2021, Dark Ltd acquired 100 per cent interest in Sandy Ltd
On 1 July 2021, Dark Ltd Ltd sells an item of plant to Sandy Ltd for $650,000
This plant cost Dark Ltd $950,000, is five years old and has accumulated depreciation of $500 000 at the date of the sale
The remaining useful life of the plant is assessed as five years
The tax rate is 30 per cent
Prepare all the necessary adjusting entries.
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