Question 2 On 1 July 2018, Poon Ltd acquired 100% of the equity in Soon...
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Question 2 On 1 July 2018, Poon Ltd acquired 100% of the equity in Soon Ltd. On 1 July 2019, Poon Ltd sold an item of plant to Soon Ltd for $32,000. This plant had a carrying amount in the records of Poon Ltd of $28,000 at time of sale. This type of plant is depreciated at 20% per year on cost.
Required: Prepare the consolidation journal entries in relation to the sales of plant necessary to prepare the consolidated financial statements for the year ended 30 June 2020.
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