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TACC203 Group Assignment T1 2017 Group members: 3 or 4 members (Please note that 1 student is NOT a group and -5 marks penalty will apply for...

Inventory

21 600

28 000

Additional information regarding City Ltd:

  • The patent was considered to have an indefinite life.
  • The plant had a further life of 10 years, and was depreciated on a straight-line basis.
  • All the inventory was sold by 30 June 2017.
  • In June 2017, City Ltd conducted an impairment test of goodwill and considered it to be impaired by $1300.
  • In May 2017, City Ltd transferred $30 000 from the retained earnings on hand at 1 July 2016 to a general reserve.
  • The tax rate is 30%.

Required:

Prepare the consolidation adjustment entries at 1 July 2016 and 30 June 2017.

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