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Discuss about the consolidation journal entries

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Question: Andy Ltd acquires 100% interest in Irons Ltd. On 1 July 2014 Andy Ltd sells an item of plant to Irons Ltd for $145 000 when its' carrying value in Andy Ltd's accounts was $101 250 (cost $168 750, accumulated depreciation $67 500). This plant is assessed as having a remaining useful life of 6 years and the tax rate is 30%.

Required: Provide consolidation journal entries for 30 June 2015 and 30 June 2016 to adjust for the above sale.

Reference no: EM131752535

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