Prepare the consolidation journal entries

Assignment Help Other Subject
Reference no: EM13502409

Grimm LTD sold an item of depreciable equipment to its subsidiary ,Bronte LTD ,for $100000 on 1/7/20x4.The equipment had originally been acquired by Grimm on 1/7/20x2 at a cost of $150000.

Assuming a five -year economic life for the equipment ,Grimm had been charging deprecation on this equipment at 20% straight -line .On acquiring the asset ,Bronte LTD assessed that the equipment had a remaining useful life of three years and therefore commenced depreciating the equipment over that period on a straight -line basis .Assume a tax rate of 30%

Required

1-prepare the consolidation journal entries required as at 30/6/20x4

2- Prepare the consolidation journal entries required as at 30/6/20x5

Reference no: EM13502409

Questions Cloud

What is the total volume of all the cavities in the casting : An iron casting containing a number of cavities weighs 16967.7 N in air and 13045.8 N in water. What is the total volume of all the cavities in the casting
What general features would you look for in a business : What general features would you look for in a business process that would make that process a candidate for reengineering?
Record the ending balances from the april : Record the ending balances from the April 30 post closing trial balance into the ledger sheets or alternatively, you may create T-accounts on an Excel spreadsheet.
Hcl can you add before the ph changes significantly : If you have 50 ml of a buffered solution of 0.15M HNO2 and 0.05M NaNO2, how many ml of 0.2M HCl can you add before the pH changes significantly
Prepare the consolidation journal entries : Grimm LTD sold an item of depreciable equipment to its subsidiary ,Bronte LTD ,for $100000 on 1/7/20x4.The equipment had originally been acquired by Grimm on 1/7/20x2 at a cost of $150000.
Discusses the common law defense of voluntary : John Boatright discusses the common law defense of voluntary assumption of risk
Determine the cost of the inventory : Determine the cost of the inventory on December 31, 2010, by the last-in, first out method, following the procedures indicated in (1).
What is the impact over the next two years on net interest : Assuming the bank does not change the composition of its balance sheet, calculate the net interest income for the bank before and after the interest rate changes. What is the resulting change in net interest income?
Explain how many grams of nh4cl salt must you add : You want to prepare 250 ml of buffered solution composed of NH3 and NH4Cl with a pH of 10.1. If you start with 250 ml of 0.15 M NH3 solution, how many grams of NH4Cl salt must you add. Round answer to two decimals.

Reviews

Write a Review

Other Subject Questions & Answers

  Figurative language versus literal language

Using and misusing figurative language may make it more difficult for others to engage in productive thinking. Listed below are ten (10) types of figurative language.

  What are some arguments in favor of affirmative action

What are some arguments in favor of affirmative action? Against it? What is your current view of affirmative action? Why? Does your view differ depending on the measures used to achieve affirmative action goals?

  Marginal benefit and marginal cost analysis

We can see that it is possible to do a Marginal Benefit / Marginal Cost analysis that is either non-financial -- or includes non-financial parts.

  Minimum number of turns does the blindfolded man

A blindfolded man is asked to sit in the front of a carrom board. The holes of the board are shut with lids in random order, i.e. any number of all the four holes can be shut or open.

  A short summary of primary research questions purpose

identify five scholarly sources on your intended dissertation topic mental health in urban versus rural societies.

  Why did aesop use animals instead of people in his stories

Now the cat didn't want to put her paw so close to the flames, but she was flattered by what the monkey had said about her. So she crept carefully right up to the fire and, just as carefully, drew out a chestnut with her paw.

  What are your conclusions regarding the process capability

1.a process is to be monitored with standard values m 10 and s 2.5. the sample size is n 2.a find the center line

  Sociologists interpret social life

Most sociologists interpret social life from one of three major theoretical frameworks or theories: symbolic interactionism, functional analysis, or conflict theory.

  Weighted scoring model depicted

Read the “Weighting Systems” section of chapter 9 in the PMP Exam Study Guide textbook (which references the Weighted Scoring Model depicted in Chapter 2) and respond to the following: It is a common practice for companies to create a proposal evalua..

  Telecommuting at medex

Harry Davis just finished interviewing a candidate to fill another medical billing specialist opening. As the human resources manager for MedEx, a medical billing company, harry is concerned about the high turnover rate for the specialists.

  Explaining line for zero tolerance

What type of actions can be taken against those employees who claim sexual harassment but have no basis and end the career.

  Consider an example of a conversational taboo for you in

consider an example of a conversational taboo for you in your workplace or in your family. now imagine someone from

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd