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Prepare consolidation adjusting entries

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Question - Frank Ltd is a wholly owned subsidiary of Johnson Ltd. During the period ending 30 June 2019, Johnson issues 2000 debentures with face value of $70, 8% interest rate. Frank purchased 60% of these debentures on 01/07/2018. Please prepare consolidation adjusting entries. Please show all workings.

Reference no: EM132632049

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