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Claire ltd owns all the share capital of lauren ltd the

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Claire Ltd owns all the share capital of Lauren Ltd. The following transactions relate to the period ended 30 June 2014. Assuming an income tax rate of 30%, provide adjustment entries to be included in the consolidation worksheet as at 30 June 2014.

  1. Lauren Ltd sold a depreciable asset (carrying amount of $20,800) to Claire Ltd on 1 January 2013 for $25,000. Both entities charge depreciation at a rate of 10% p.a. on cost in relation to these items. On 31 December 2013, Claire Ltd sold this asset to Anna Ltd for $20,000.

Reference no: EM13379728

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