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Prepare the journal entries required by washing ltd

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Reference no: EM133002381

Question - Corporate Accounting - On 1 July 2018, Washing Ltd purchased 40% of the shares of Ton Ltd at a cost of $224,000. Washing Ltd does not control Ton Ltd but does have significant influence. At the date of acquisition, Ton's Retained earnings was $110,000 and Asset Revaluation Reserve was $20,000. The records for Ton from 2019 to 2021 are as follows:

 

Retained earnings

ARR balance

30 June 2019

140,000

30,000

30 June 2020

130,000

30,000

30 June 2021

144,000

50,000

Required - Prepare the journal entries required by Washing Ltd relating to its Investment in Ton Ltd for the period from 1 July 2019 to 30 June 2021.

Reference no: EM133002381

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