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Prepare the consolidation worksheet adjusting entries

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Question - Numbat Ltd owns all of the shares of Goanna Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting entries for preparation of the consolidated financial statements as at 30 June 2016.

Assume an income tax rate of 30%.

On 1 January 2016, Goanna Ltd sold a new tractor to Numbat Ltd for $50,000. This had cost Goanna Ltd $45,000 on that day. Both entities charged at the rate of 10% p.a. on cost.

Reference no: EM133087798

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