Reference no: EM132600869
On 1 July 2018, River Ltd acquired 90% of the share capital to gain control of Creek Ltd. The following intra-group transactions occurred during the year ending 30 June 2019.
1) During the 2018 - 2019 period, River Ltd sold inventory to Creek Ltd for $2,000,000. River Ltd purchased this inventory for $1,700,000. By 30 June 2019, Creek Ltd has 30% of that inventory still on hand as unsold.
2) Creek Ltd declared a final dividend of $1,500,000 from current year's profits.
3) Creek Ltd paid Water River Ltd, a consultancy fee of $70,000 during the year.
4) River Ltd provided a loan of $10,000,000 to Creek Ltd. The loan charges 5% interest annually. One half of the interest for the current year remains unpaid as at 30 June 2019.
5) Creek Ltd sold land to River Ltd for $1,350,000. The land was purchased by Creek Ltd for $600,000.
Required:
Question 1: Prepare the journal entries required to eliminate the intra-group transactions noted above
|
Construc the journal entries to record issue of debentures
: Great Sand Ltd's financial year-end. Prepare the journal entries to record the issue of the debentures and the annual interest payments on 30th June 2019
|
|
Concepts highlighting the tools of fiscal policy
: Regarding chapter 7, 8, and 11 of Bulls, Bears, and Golden Calves- what are some concepts highlighting the tools of fiscal policy?
|
|
Digital evidence cases involving divorces
: A law firm has hired you to assist with digital evidence cases involving divorces. The main evidence consists of email, spreadsheets, and documents.
|
|
Will canada face labor shortages in the next decade
: Employment problems - Will Canada face labor shortages in the next decade?
|
|
Prepare the journal entries required to eliminate
: Prepare the journal entries required to eliminate the intra-group transactions. On 1 July 2018, River Ltd acquired 90% of the share capital to gain control
|
|
Prepare comparative retained earnings statements for Baker
: Prepare comparative retained earnings statements for Baker Inc for 2009 and 2010. The company had retained earnings of $190,000 at December
|
|
Main cause of rising prices in developing asia
: 1. Read the paragraph given below and write down which type of inflation is the main cause of rising prices in developing Asia.
|
|
Finding criminals who have fled the scene of crime
: Finding criminals who have fled the scene of a crime, or unsolved crimes from the past that have been solved due to the use of new techniques
|
|
PUBH6003 Health Systems and Economics Assignment
: PUBH6003 Health Systems and Economics Assignment Help and Solution, Laureate International Universities - Assessment Writing Service
|