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  3. x ltd acquires 100% interest in y ltd. on 1 july 2

X Ltd acquires 100% interest in Y Ltd. On 1 July 2018 X Ltd sells...

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Accounting

X Ltd acquires 100% interest in Y Ltd. On 1 July 2018 X Ltd sells an item of plant to Y Ltd for $145 000 when its carrying value in X Ltds accounts was $101 250 (cost $168 750, accumulated depreciation $67 500). This plant is assessed as having a remaining useful life of 6 years and the tax rate is 30%.

Required: Provide consolidation journal entries for 30 June 2019 to adjust for the above sale.

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