Wombat Ltd has acquired all the shares of Emu Ltd. During 2020-2021, the following transactions have occurred: Wombat Ltd acquired a motor vehicle from an external vendor for $35,000 on 1 July 2020, 20% depreciation p.a., and sells it to its subsidiary, Emu Ltd, for $32,000 on the same day. Emu Ltd charges 25% depreciation p.a. on the vehicle. Prepare the consolidation worksheet entries at 30 June 2021 (current year). Prepare the consolidation worksheet entries at 30 June 2022 (next year

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Wombat Ltd has acquired all the shares of Emu Ltd. During 2020-2021, the following transactions have occurred: Wombat Ltd acquired a motor vehicle from an external vendor for $35,000 on 1 July 2020, 20% depreciation p.a., and sells it to its subsidiary, Emu Ltd, for $32,000 on the same day. Emu Ltd charges 25% depreciation p.a. on the vehicle. Prepare the consolidation worksheet entries at 30 June 2021 (current year). Prepare the consolidation worksheet entries at 30 June 2022 (next year

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