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Question - Zhang Ltd is the wholly owned subsidiary of Lang Ltd. The following transactions occur between the two entities during the financial year ending 31 January 2021:
a) In 2020, Zhang Ltd sold Lang Ltd goods, which cost $40,000 for $60,000. At 31 January 2021, Lang Ltd. had not sold 40% of these goods.
b) In 2019, Lang Ltd sold Zhang Ltd goods, which cost $35,000 for $50,000. At 31 January 2021, Zhang Ltd. had not sold 20% of these goods.
Required - Assuming a tax rate of 30%, provide consolidation adjustment entries for the above inter-entity transactions to enable preparation of the consolidated report for the year ending 31 January 2021.
Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.)
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