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Make an elimination journal entry for December

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Question - On January 2, 2012, PT Koalisi acquired 75% shares of PT Partai for Rp. 5 billion. No differential arises from this acquisition. PT Coalition uses the acuity method to record investments in PT Partai. On March 1, 2012, PT Partai sold a plot of land worth Rp. 300,000,000 to PT Koalisi for Rp. 280,000,000 in cash. On October 1, 2014, PT Koalisi resold the land to a non-affiliated party for Rp.350,000,000.

Meanwhile, on July 1, 2014, PT Koalisi sold a vehicle to PT Partai. The vehicle was purchased by PT Koalisi on July 1, 2012 for Rp. 200,000,000 with an estimated useful life of five years and a residual value of Rp. 50,000,000. the vehicle was purchased by PT Partai from PT Koalisi at a price of IDR 150,000,000. PT Partai estimates that the remaining useful life of the car is only two years and a residual value of Rp.50,000,000. PT Coalition and PT Partai use the straight-line depreciation method.

Required -

1. Make an elimination journal entry for December 31, 2012, 2013, and 2014 regarding the sale of land from PT Partai to PT Koalisi!

2. Make an elimination journal entry for December 31, 2014 regarding the sale of cars from PT Koalisi to PT Partai!

Reference no: EM132854537

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