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Question - Parent Ltd owns 90% of Subsidiary Ltd. On 1 July 20X1 Subsidiary Ltd sold Plant to Parent Ltd. Details regarding the transaction are as follows:
Intra-company sale price $41000
Original cost of plant to Subsidiary Ltd $59000
Accumulated depreciation on Subsidiary's books on date of sale $29500
Plant original useful life 10 years
Plant remaining useful life at date of sale 5 years
Salvage value $0
Tax rate 30%
Plant is depreciation on a straight-line basis by both Parent Ltd and Subsidiary Ltd.
Required -
(i) Prepare necessary journal entries in the consolidation journal to adjust for this transaction for the year ended 30 June 20X3.
(ii) Prepare necessary journal entries in the consolidation journal to adjust the Non-Controlling Interests (NCI) allocation for the year ended 30 June 20X3.
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