Prepare the necessary journal entries in 30 June 2017 to eliminate the intra-group transfer of equipment.

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: Annual Depreciation as per books = 640000 / 5 = $ 128000 Annual Depreciation for tax purpose =…

Q: On January 2, 2018, the Jackson Company purchased equipment to be used in its manufacturing process.…

A: Straight line method: Under the straight line method of depreciation, the same amount of…

Q: On July 15, 2016, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for…

A:

Q: On 1 July 2016, Liala ltd sold an item of plant to Jordan Ltd Ltd for $150,000 when its carrying…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Wildhorse Company has provided information on intangible assets as follows.A patent was purchased…

A: Intangible assets of a company are referred to those assets which are helpful in earning revenue for…

Q: On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $450000 when its’ carrying value in…

A:

Q: The Hong Company purchased for P240,000 cash on July 1, 2014 a machine with an estimated useful life…

A: Useful life (In Months) = 10 years  x 12 months = 120 months Monthly Depreciation Expense = ( Cost…

Q: Wenner Furnace corp. purchased machinery for $279,000 on may 1, 2012. it is estimated that it will…

A: Calculate the annual depreciation under straight-line method.

Q: Michael Company purchased 35% of James Company on January 1, 2016 for P11,200,000 when James…

A: Investment in associate company may be reported in the books of the investors using the fair value…

Q: (a) Calculate the company’s taxable profit and hence its tax payable for 2017.  (b) Determine the…

A: First of all, the timing difference need to be calculated as follows: Next, we shall find the…

Q: On 1 July 2016 Laila Ltd sold an item of plant to Jordan Ltd for $450000 when its' carrying value in…

A: Intragroup transfer of the asset is the transfer of asset within a group of companies for the…

Q: Calculate the company's taxable profit and hence its tax payable for 2017. (ii) Determine the…

A: First of all, the timing difference need to be calculated as follows: Machine A/c base Tax base…

Q: On 1 July 2016, Liala Itd sold an item of plant to Jordan Ltd Ltd for $150,000 when its carrying…

A: Intera-group transfer transaction occurs when there is a sale or purchase of assets or goods between…

Q: On 1 July 2016, Liala Ltd sold an item of plant to Jordan Ltd Ltd for $150,000 when its carrying…

A: Amount unrealized loss = Sales value of assets - carrying value of the assets = $150,000 - $200,000…

Q: Quer Company purchased two machines for P250,000 each on January 2, 2020. The machines were put into…

A: Expense:- Expense is the use of an asset or service to generate revenue. Expense is the reduction in…

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: Calculation of company’s taxable profit Particular Amount (in $) Profit for the year…

Q: Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of…

A: Corporate accounting:   Branch of accounting that deals with the preparation of the financial…

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: (a) Calculate the company’s taxable profit and hence its tax payable for 2017. Particular…

Q: On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $450000 when its’ carrying value in…

A: The transactions are journalized to eliminate intra-entity transfer of equipment.

Q: In January 1, 2015, Fun company purchased Company A for $40,000 in cash and paid immediately. Fun…

A: It is assumed that there is a typo in the question and the question is asking about the annual…

Q: ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years…

A: Loss from sale of equipment is the difference between the receipt from sales and cost less…

Q: Calculate the equipment total cost at acquisition. The equipment was sold on December 31, 2023 for…

A: According to IAS 16 ( Property, Plant and Equipment ) any items of fixed asset can be capitalized if…

Q: On January 1, 2015, a corporation purchased a factory for P3,600,000 and machinery for P5,000,000.…

A:

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: Tax is the liability which has to be paid by the individual and the corporation to the Federal…

Q: Bennet Co. bought a trademark from Bonnet, Inc. on January 2, 2018, for $1,200,000. An independent…

A: Annual Amortization = Assets Cost / Life of the Assets Cost of Trademarks = $1,200,000 Life of the…

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: Tax:- A tax is the compulsory payment which is imposed by the government on the income and capital…

Q: CEE Corporation purchased a machine on January 1, 2016 by instalment, initially paying $1.000.000,…

A: The cost of the machine would be the price that would be paid on a cash basis immediately upon…

Q: Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of…

A: Introduction: Depreciation: A fixed charged on the value of asset that reduces its value is known as…

Q: XYZ Company, a calendar year business, purchased machinery on February 2, 2016. The purchase price…

A: Lets understand the basis. As per IAS 16 "Property plant and equipment" initially needs to record at…

Q: Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of…

A: Corporate accounting:   Branch of accounting that deals with the preparation of the financial…

Q: On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $350000 when its’ carrying value in…

A: Intra-group transactions refer to the financial and commercial transactions between two companies of…

Q: Required: Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group…

A: Journal Entry: It is prepared to record the financial and non financial transaction of the business…

Q: b) On 1 July 2016 Liala Ltd sold an item of plant to Jordan Ltd for $450000 when its’ carrying value…

A: Required journal entries are given below:

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: Deferred tax can be defined as the basis of allocating tax charges to particular accounting periods.…

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: Deferred tax can be defined as the basis of allocating tax charges to particular accounting periods.…

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…

Q: Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of…

A: Journal entries are the part of accounting cycle which records the business transaction initially…

Q: . How much is the gain on leaşeback recorded on January 1, 2021?* For numbers 3 to 5, please refer…

A: The question is related to Accounting for Lease. In case of leaseback transaction the gain is the…

Q: At the beginning of 2016, Robotics Inc. acquired a manufacturing facility for $13.2 million. $10.2…

A: Working Note 1: Compute the depreciation under the straight-line method for the year 2016.

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to…

A: Journal: Recording of a business transactions in a chronological order.

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.