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During the year ended 30 June 2018, Acer Ltd sold inventory to its wholly owned...

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Accounting

During the year ended 30 June 2018, Acer Ltd sold inventory to its wholly owned subsidiary Carlon Ltd for $50 000 cash. The items previously cost Acer Ltd $35 000. The inventory remains unsold by Carlon Ltd at the end of the period. The tax rate is 30%.

Explain in detail, line by line, the journal entry required to eliminate the intragroup transaction for the year ending 30 June 2018.

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