Intra group Transactions  Kent Ltd owns all the share capital of Lodh Ltd. That is, Lodh Ltd is a wholly own subsidiary of Kent Ltd. Required: In relation to the following intra-group transactions, prepare the consolidation worksheet adjusting entries for the preparation of consolidated financial statements as at 30 June 2021. All parts are independent unless specified. Assume an income tax rate of 30% and that all income on sale of assets is taxable and expenses are deductible.   a.     On 1 July 2020, Kent Ltd sold an item of plant costing $25 000 to Lodh Ltd for $28 000. PIA Ltd had not charged any depreciation on the plant before the sale. Both entities depreciate assets at 10% p.a. on cost.

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.