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Prepare the consolidated journal entries

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Question - 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 useful life of five years from the date of sale and zero residual value at the end of the useful life. Prepare the consolidated journal entries for the above intra-group transactions as at 30 June 2021. Assume an income tax rate of 30%.

Reference no: EM133116770

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