m/messenger_media/?thread_id=10000185020406achment_id 17941 Question 11 (16 points Schooner Ltd is a wholly-owned subsidiary of Sails Ltd. The rate of company income tax is 30%. During the year ended 30 June 2017 the accounts revealed i Schooner Ltd paid management fees of $30,000 to Sails Ltd. Sails Ltd sold inventory for $18,000 to parties external to the group. Schooner Ltd had previously sold this inventory to Sails Ltd for $15,000. The inventory had cost Schooner Ltd $10,000. Sails Ltd sold inventory to Schooner Ltd for $40,000. This inventory had cost Sails Ltd $25,000. Schooner Ltd sold three-quarters of this inventory to parties external to the group On 1 July 2016, Schooner Ltd sold machinery to Sails Ltd for $200,000. The machinery was originally purchased by Schooner Ltd on 1 July 2011. The carrying amount of the machinery at the time of sale was $150,000 (cost $400,000 accumulated depreciation $250,000). The machinery is assessed as having a remaining useful life of 5 years from the date of sale. Straight-line depreciation is lv used. Required Part A - Prepare the consolidation elimination journal entries required for the above intra-group transactions. Narrations are not required. Show workings and calculations ang I acer m/messenger_media/?thread_id=10000185020406achment_id 17941 Question 11 (16 points Schooner Ltd is a wholly-owned subsidiary of Sails Ltd. The rate of company income tax is 30%. During the year ended 30 June 2017 the accounts revealed i Schooner Ltd paid management fees of $30,000 to Sails Ltd. Sails Ltd sold inventory for $18,000 to parties external to the group. Schooner Ltd had previously sold this inventory to Sails Ltd for $15,000. The inventory had cost Schooner Ltd $10,000. Sails Ltd sold inventory to Schooner Ltd for $40,000. This inventory had cost Sails Ltd $25,000. Schooner Ltd sold three-quarters of this inventory to parties external to the group On 1 July 2016, Schooner Ltd sold machinery to Sails Ltd for $200,000. The machinery was originally purchased by Schooner Ltd on 1 July 2011. The carrying amount of the machinery at the time of sale was $150,000 (cost $400,000 accumulated depreciation $250,000). The machinery is assessed as having a remaining useful life of 5 years from the date of sale. Straight-line depreciation is lv used. Required Part A - Prepare the consolidation elimination journal entries required for the above intra-group transactions. Narrations are not required. Show workings and calculations ang I acer