Prepare the adjusting journal entries

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Question - T Ltd owns all the share capital of R Ltd. On 1 Jan 2021, T Ltd sold a piece of land originally costing $300,000 to R Ltd for $350,000. 75% of the amount due from R Ltd remained unpaid as on 30 June 2021. Prepare the adjusting journal entries for the consolidation worksheet at 30 June 2021 in relation to this intra-group transaction. Assume the company tax rate is 30%.

Reference no: EM133042883

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