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Question - Surf Ltd is the wholly owned subsidiary of Boat Ltd. The following transactions occur between the two entities during the financial year ending 30 June 2021:
On 1 July 2020 Boat Ltd sells an item of non-current asset to Surf Ltd for $470,000. This asset cost Boat Ltd $560,000 and had accumulated depreciation of $180,000 at the date of the sale. The remaining useful life of the asset is assessed as 10 years.
Boat Ltd contracted Surf Ltd to provide management consultancy services worth $160,000 during the year. Twenty five percent (25% of the total contract price remains unpaid at 30 June 2021.
Assuming a tax rate of 30%, provide consolidation adjustment entries for the above inter-entity transactions to enable preparation of the consolidated report for the year ending 30 June 2021.
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