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For each of the following independent intra-group transaction scenarios, assume that the consolidation process is...

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For each of the following independent intra-group transaction scenarios, assume that the consolidation process is done on 31 December 2020. Required: Prepare the necessary consolidation journal entries in each scenario. Pellegrino Ltd owns 80% share capital of Sparkling Ltd. The tax rate is 30%. (narrations are not required). Scenario 3: On 1 July 2019. Pellegrino Ltd sold an item of machinery to Sparkling Ltd for $600,000. Pellegrino Ltd originally purchased the machinery for $1,500,000 on 1 January 2018. The original estimated useful life was 5 years but at the time of the sale the remaining useful life was estimated to be 3 years by Sparkling Ltd. The expected residual value of the machinery is estimated to be Snil by Sparkling Ltd. ANSWER HERE: Date Account Name (4 marks) Credit Debit

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