Reference no: EM132731393
Flexi Ltd owns all the share capital of Jason Ltd. The following transactions relate to the period ended June 2020.
a. On 1 July 2019, Flexi sold a motor vehicle to Jason Ltd for $15,000. This had a carrying amount to Flexi Ltd of $12,000. Both entities depreciate motor vehicles at a rate of 10% p.a. on cost.
b. Flexi Ltd manufactures certain items which it then markets through Jason Ltd. During the current period, Flexi sold $12,000 of items to Launceston at cost plus 20%. Jason Ltd has sold 75% of these transferred items (external) at 30 June 2020.
c. Jason Ltd also sells second-hand machinery. Flexi sold one of its depreciable assets (original cost $40,000, accumulated depreciation $32,000) to Jason Ltd for $5,000 on 1 January 2020. Jason Ltd had not resold the item by 30 June 2020.
Problem 1: Provide adjustment journal entries for the events listed above that should be included in the consolidation worksheet as at 30 June 2020. Assume an income tax rate of 30%.
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