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Prepare the consolidation journal entries to account

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Question - Eleanor Ltd owns 100% of Naomi Ltd. On 1 July 2019, Eleanor Ltd sells surplus machinery to Naomi Ltd for $40 000. The machinery had cost Eleanor Ltd a total of $125 000 and was six years old at the time of sale with accumulated depreciation amounting to $75 000. The remaining useful life of the machinery was assessed at four years with no residual value. The company tax rate is 30%.

Required - Prepare the consolidation journal entries to account for the sale of the non-current asset for the year ending 30 June 2020. Round any calculations to the nearest whole dollar.

Reference no: EM132744545

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