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Make the consolidation journal entries

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Problem - On 1 July 2018, Poon Ltd acquired 100% of the equity in Soon Ltd. During the financial year ended 30 June 2020, the following transactions occurred:

i. On 1 January 2020, Poon Ltd sold an item of equipment to Soon Ltd for $45,000. At the time of sale, the equipment had a carrying amount of $35,000. Poon Ltd depreciated the equipment at 10% per year on cost, whereas Soon Ltd classified the equipment as inventory. The equipment was sold by Soon Ltd before 30 June 2020.

ii. On 15 June 2020, Soon Ltd paid $20,000 to Poon Ltd for management services provided.

Required - Make the consolidation journal entries necessary to prepare the consolidated financial statements for the year ended 30 June 2020.

Reference no: EM132646650

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