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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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