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Prepare the worksheet journal entries required

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Parent Ltd owns all the share capital of Subsidiary Ltd. On 23 November 2018, Subsidiary Ltd sold inventory which cost $10 000 to Parent Ltd for $40 000. By 30 June 2019, Parent Ltd had sold half of the inventory to external parties. The tax rate is 30%.

Question a) Prepare the worksheet journal entries required for the preparation of the consolidated financial statements at 30 June 2019.

Question b) Provide the rationale for each of your journal entries

Reference no: EM132563414

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