ONE ltd acquired all issued capital of TWO ltd on 1 July 2011.
On 1 June 2016 ONE ltd sold a plant to TWO ltd for $74,240 when its carrying value and original cost in ONE's ltd books was $80,000 and estimated remaining useful life was 4 years.
1). Prepare adjustment/eliminations journal entries for the intragroup sale of Plant as at 30 June 2017 and as at 30 June 2018.
(The plant is depreciated using the straight line method with no residual value. For parts year depreciation is to be calculated on the number of months the asset is held in the relevant year).