Bernie Boffin Ltd owns 100 per cent of Computer Ltd. On 1 July 2021 Bernie Boffin Ltd
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Bernie Boffin Ltd owns 100 per cent of Computer Ltd. On 1 July 2021 Bernie Boffin Ltd sells an item of plant to Computer Ltd for $3.6 million. This plant cost Bernie Boffin Ltd $4.5 million and had accumulated depreciation of $1.8 million at the date of the sale. The remaining useful life of the plant is assessed as 12 years and the tax rate is 33 per cent.
REQUIRED
Provide the consolidation journal entries for 30 June 2022 and 30 June 2023 to adjust for the above sale.
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Increase in tax expense due to the reduction in depreciation expense Additional tax expense 75 000 3...View the full answer
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