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Question - The following intragroup transactions between Max Ltd and Mini Ltd occurred during the financial year ended 30 June 2021:
Mini Ltd sold inventory which had an original cost of $220,000 to Max Ltd. Mini Ltd had recorded a $120,000 profit before tax on this transaction. Max Ltd still had one third of this inventory on hand as at 30 June 2021.
On 1 July 2020, Max Ltd sold a motor vehicle to Mini Ltd for $30,000. The cost and accumulated depreciation of the motor vehicle at the date of sale were $50,000 and $30,000 respectively. The motor vehicle is assessed as having a remaining usefullife of five years from the date of sale and zero residual value at the end of the useful life.
Required -
a) Prepare the consolidated journal entries for the above intragroup transactions as at 30 June 2021. Assume an income tax rate of 30%.
b) Provide necessary justifications for recording consolidated journal entries for intragroup transactions (i) and (ii).
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