No entry is required because the sales are from the parent to the subsidiary 2

No entry is required because the sales are from the

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No entry is required because the sales are from the parent to the subsidiary 2)The worksheet entries for intragroup borrowings and interest are: a)DR. Borrowings $1,000,000 CR. Loan receivable $1,000,000 DR. Interest revenue $ 80,000 CR. Interest expense $ 80,000 b)DR. Borrowings $ 800,000 CR. Loan receivable $ 800,000 DR. Interest revenue $ 64,000 CR. Interest expense $ 64,000 c)DR. Interest revenue $ 80,000 CR. Interest expense $ 80,000 DR. Deferred tax asset $ 24,000 CR. Income tax expense $ 24,000 d)DR. Borrowings $1,000,000 CR. Loan receivable $1,000,000 DR. Deferred tax asset $ 300,000 CR. Income tax expense $ 300,000 DR. Interest revenue $ 80,000 CR. Interest expense $ 80,000 e)No entries are required because there is not unrealized profit 3)The worksheet entries for the intergroup dividend are:
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4)The worksheet entries for the intergroup transfer of plant are:
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  • One '11
  • KNAPP
  • Financial Accounting, Generally Accepted Accounting Principles, Deferred tax asset, Cr.

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