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Question - On 1 July 2017, Ukulele Ltd acquired 40% of the shares of Bongo Ltd for $99,900. At this date, all the identifiable assets and liabilities of Bongo Ltd were recorded at amounts equal to fair value except for inventory which had a fair value $9,900 greater than the carrying amount. All inventory was sold by 30 June 2018. The tax rate is 30%. Bongo Ltd was classified as an associate of Ukulele Ltd.
The profits and losses recorded by Bongo Ltd from the next 6 years were as follows:
2017-18 $30,000
2018-19 5,000
2019-20 (250,000)
2020-21 (49,900)
2021-22 15,000
2022-23 20,000
Required - Prepare the journal entries for the consolidation worksheet of Ukulele Ltd for the equity accounting of Bongo Ltd in each of the years from 2017-23.
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