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A Ltd purchased inventory from its subsidiary, B Ltd, for $19000. The goods originally cost B Ltd $ 15000. The company tax rate is 30 %. Assuming that 70% of the inventory was still on hand at the end of the year, what are the related tax effect adjustments on the consolidation worksheet?

A Ltd purchased inventory from its subsidiary, B Ltd, for $19000. The goods originally cost B Ltd $ 15000. The company tax rate is 30 %. Assuming that 70% of the inventory was still on hand at the end of the year, what are the related tax effect adjustments on the consolidation worksheet?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A Ltd purchased inventory from its subsidiary, B Ltd, for $19000. The goods originally cost B Ltd $ 15000. The company tax rate is 30 %. Assuming that 70% of the inventory was still on hand at the end of the year, what are the related tax effect adjustments on the consolidation worksheet?
Transcribed Image Text:A Ltd purchased inventory from its subsidiary, B Ltd, for $19000. The goods originally cost B Ltd $ 15000. The company tax rate is 30 %. Assuming that 70% of the inventory was still on hand at the end of the year, what are the related tax effect adjustments on the consolidation worksheet?
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