For each of the following independent intra-group transaction scenarios, assume that the consolidation process is...
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Accounting
For each of the following independent intra-group transaction scenarios, assume that the consolidation process is done on 31 December 2020. Required: Prepare the necessary consolidation journal entries in each scenario. Pellegrino Ltd owns 80% share capital of Sparkling Ltd. The tax rate is 30%. (narrations are not required). Scenario 1: On 30 November 2009, Sparkling Ltd sold goods to Pellegrino Ltd for $800.000, one-quarter of which remain in Pellegrino's inventories on 31 December 2020. Sparkling Ltd earns 20% mark-up on all items sold. ANSWER HERE: Date (3 marks) Credit Account Name Debit
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