KK Pty Ltd is a shoe-manufacturing business. The company recently purchased 50,000 pairs of shoelaces...
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Accounting
KK Pty Ltd is a shoe-manufacturing business. The company recently purchased 50,000 pairs of shoelaces from JJ Pty Ltd, a member of the same wholly owned group. KK paid $15,000 for the shoelaces whereas JJ would normally sell the shoelaces for $10,000. How much can KK claim as a deduction for the acquisition of the shoelaces?
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