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Prepare the consolidation entries for the year ending june

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Reference no: EM132962584

Parent Company controls Subs Ltd.

  • During 20X3, Subs Ltd sold inventory to Parent Company for $500,000, which cost Subs Ltd $300,000. One-quarter of the stock is still on hand at 30 June 20X3.
  • In the opening inventory of Subs Ltd for 20X2 there was an amount of $80,000 being profit earned by Parent Company on the sale of inventory to Subs in 20X2.
  • The tax rate is 30%.

Required:

Problem 1: Prepare the consolidation entries for the year ending 30 June 20X3 relating to the above information

Reference no: EM132962584

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