Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 29, 2024

Question 2 On 1 July 2018, Poon Ltd acquired 100% of the equity in Soon Ltd. On 1 July 2019, Poon Ltd sold an item

Question 2 On 1 July 2018, Poon Ltd acquired 100% of the equity in Soon Ltd. On 1 July 2019, Poon Ltd sold an item of plant to Soon Ltd for $32,000. This plant had a carrying amount in the records of Poon Ltd of $28,000 at time of sale. This type of plant is depreciated at 20% per year on cost.

Required: Prepare the consolidation journal entries in relation to the sales of plant necessary to prepare the consolidated financial statements for the year ended 30 June 2020.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

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

Step: 2

Step: 3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

Practice: List five variables that can be manipulated by the researcher in an experiment. List five variables that cannot be manipulated by the researcher in an experiment.

Answered: 1 week ago

Question

★★★★★

Use supply- and- demand diagrams to illustrate the qualitative effect of the following possible shocks on the U. S. avocado market. a. A new study shows significant health benefits from eating...

Answered: 1 week ago

Question

★★★★★

is applied on keyword, ad group and account level. It is important that your entire account has a good _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ , as it affects ranking and the cost per click. The _ _ _ _ _ _ _...

Answered: 1 week ago

Question

★★★★★

Beyer Company is considering the purchase of an asset for $240,000. It is expected to produce the following net cash flows. The cash flows occur evenly within each year. Assume that Beyer requires a...

Answered: 1 week ago

Question

★★★★★

The probability of event "A" is 50%. The probability of event "B" is 20%. "A" and "B" are two independent events. What is the probability of observing "A" and "B"?

Answered: 1 week ago

Question

★★★★★

Some statements are not considered hearsay because these statements are not being offered to prove the truth of the matter asserted in the statements. Thus, you must always ask yourself what is being...

Answered: 1 week ago

Question

★★★★★

21. Data: S0 = 100; X = 110; 1 + r = 1.1. The two possibilities for ST are 150 and 80. Calculate the value of a call option on the stock with an exercise price of 110. (Do not use continuous...

Answered: 1 week ago

Question

★★★★★

Car expenses using logbook and expense data Rory derives business income from a retail cosmetics store. On 1 October 2023, Rory bought a Mercedes for $38,340. Its effective life is eight years. Rory...

Answered: 1 week ago

Question

★★★★★

An analyst for Bloom Ltd, gathered the following information with regards to futures contract: Current spot-market price of R60 Risk-free interest rate of 8.87% per annum The six-month future...

Answered: 1 week ago

Previous Question Next Question