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Question: ABC Ltd owns 100 per cent of the shares of XYZ Ltd
•These shares are acquired on 1 July 2021
•During the 2021 financial year, XYZ Ltd sells inventory to ABC Ltd at a sales price of $250 000. The inventory cost XYZ Ltd $125 000 to produce
•At 30 June 2022, half of the stock is still on hand with ABC Ltd. The tax rate is assumed to be 33 per cent
Required:
Prepare the necessary journal entries.
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1. At today's spot exchange rates 1 U.S. dollar can be exchanged for 9 Mexican pesos or for 111.23 Japanese yen. You have pesos that you would like to exchange for yen. What is the cross rate between the yen and the peso; that is, how many yen wou..
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