On 1 July 2016, a Parent Entity Rents a Warehouse

question 33

Multiple Choice

On 1 July 2016, a parent entity rents a warehouse for one year from a subsidiary entity for $100 000. The company tax rate is 30%. The consolidation adjustment entry needed at 30 June 2018 is:

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Definitions:

Terminology

The set of specialized words or expressions used in a particular field or profession.

Applicant Tracking System

A software application that enables the electronic handling of recruitment needs, streamlining the hiring process by sorting through applicants.

Volunteer Work

Unpaid labor performed willingly by individuals or groups for the benefit of a community or a cause.

Unemployment

The state of being without a job, despite being willing and able to work.