Parent Ltd owns all the share capital of Subsidiary Ltd. On 23 September 2018, Subsidiary Ltd...
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Parent Ltd owns all the share capital of Subsidiary Ltd. On 23 September 2018, Subsidiary Ltd sold inventory which cost $8 000 to Parent Ltd for $63 000. All of this inventory was sold to external parties during the year ending on 30 June 2019. The tax rate is 30%. Required What is the amount of adjustment required for the consolidated 'cost of goods sold' when preparing the consolidated financial statements at 30 June 2019? (Please enter a numerical value without any sign ($. + or -) or space.) Parent Ltd owns all the share capital of Subsidiary Ltd. On 23 September 2018, Subsidiary Ltd sold inventory which cost $8 000 to Parent Ltd for $63 000. All of this inventory was sold to external parties during the year ending on 30 June 2019. The tax rate is 30%. Required What is the amount of adjustment required for the consolidated 'cost of goods sold' when preparing the consolidated financial statements at 30 June 2019? (Please enter a numerical value without any sign ($. + or -) or space.)
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Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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