Reference no: EM133001531
Question - Pfizer Ltd owns all of the shares of Biotech Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2021. Assume an income tax rate of 30%.
On 1 May 2020, Pfizer Ltd sold inventory to Biotech Ltd for $66,000, recording a before-tax profit of $14000. All this inventory acquired from Pfizer ltd remained on hand at 30 June 2020. During January 2021, Biotech Ltd sold all of this inventory to external entities for $100,000.
On 1 January 2021, Pfizer Ltd acquired $60?000 of debentures previously issued by Biotech Ltd. These were acquired on the open market for $60,000. The Half-Yearly Interest of $600 on debentures was paid on 30 June 2021.
During the period ended 30 June 2021, Biotech Ltd offered Accounting and Consulting services to Pfizer Ltd. Pfizer Ltd in return paid $500,000 for the services offered by Biotech Ltd.
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