Reference no: EM132969782
QUESTIONS - CONSOLIDATION WORKSHEET ENTRIES - Sydney Ltd incorporated the subsidiary Melbourne Ltd by contributing $800,000 for all the 400,000 issued shares. Prepare the journal entries for the consolidation worksheet for 30 June 2020. Details of intra-group transactions that are relevant to the consolidation for 30 June 2020 are as follows: Assume an income tax rate of 30%.
(a) Melbourne Ltd pays an annual renting fee of $10,000 to Sydney Ltd at 30 June each year.
(b) On 25 June 2020, Sydney Ltd declared a final dividend of $8,000, on the same date Melbourne declared a final dividend of $5,000
(c) During the previous year of 30 June 2019, Sydney Ltd sold inventory to Melbourne Ltd for $10,000, recording a before-tax profit of $4,000. On 1 July 2019, 50% of this inventory was still on hand with Melbourne Ltd.
(d) On 1st June 2020, Sydney Ltd sold inventory to Melbourne Ltd for $20,000 cash. The original cost of this inventory to Sydney is $15, 000. All of the inventory was remain unsold at 30 June 2020.
(e) On 1 July 2018, Melbourne Ltd bought land from Sydney Ltd for $130,000. The land had originally cost Sydney Ltd $120,000. The land remains on hand with Melbourne Ltd at 30 June 2020.
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