During the Year Ended 30 June 20X7 a Subsidiary Entity

question 6

Multiple Choice

During the year ended 30 June 20X7 a subsidiary entity sold inventory to a parent entity for $30 000.The inventory had previously cost the subsidiary entity $24 000.By 30 June 20X7 the parent entity had sold 75% of the inventory to a party outside the group.The company tax rate is 30%.The adjustment entry in the consolidation worksheet at 30 June 20X8 is:

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Definitions:

Common Perceptions

Widely shared beliefs or opinions about a specific topic or object.

Shared Values

Represents the common core beliefs or principles that members of an organization or society hold as important.

High-Performance Task Forces

Specialized teams designed to focus on critical tasks, characterized by high levels of collaboration, expertise, and efficiency, driving superior results.

Strong Subcultures

Subgroups within an organization or society with distinct values and norms that strongly influence their members.