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Question: On 1 July 2022 David Ltd acquired a 100 per cent interest in Sandy Ltd
On 1 July 2022 David Ltd sells an item of plant to Sandy Ltd for $880 000
This plant cost David Ltd $1 million, is four years old and has accumulated depreciation of $400 000 at the date of the sale
The remaining useful life of the plant is assessed as six years
The tax rate is 30 per cent
Required:
Calculate Gain or Loss on sales of the plant and prepare the journal entry.
The effective interest rate for the bond was 12% at the time of the purchase. Compute the carrying amount of the bonds as at June
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