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George Ltd owns all the share capital of Luke Ltd. The income tax rate is...

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Accounting

George Ltd owns all the share capital of Luke Ltd. The income tax rate is 30%. During the year ended 30 June 2021, George Ltd paid a dividend of $10 000, and Luke Ltd paid and declared dividends of $20 000 and $25 000 respectively.

REQUIRED: Explain the intra-group adjustment journal entries line by line that would be required in preparing the consolidated financial statements for 30 June 2021.

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