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Prepare consolidation worksheet adjustments for year ended

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Reference no: EM133017685

Question - On 1 July, 2020, H Ltd sold plant and equipment (P & E) to its subsidiary, S Ltd, which had a carrying value of $2,000,000 for $2,700,000. The original cost of the P & E was $2,800,000 and accumulated depreciation was $800,000.

On the date of the sale, P & E had the remaining useful life of 5 years with no residual value.

The tax rate is 30%.

Prepare consolidation worksheet adjustments for the year ended 30th June, 2021?

Reference no: EM133017685

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