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A Non-Current Asset Was Sold by Subsidiary Limited to Parent

Question 36

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A non-current asset was sold by Subsidiary Limited to Parent Limited on 30 June 2007. The carrying amount of the asset at the time of the sale was $700,000. As part of the consolidation process, the following journal entry was passed.
A non-current asset was sold by Subsidiary Limited to Parent Limited on 30 June 2007. The carrying amount of the asset at the time of the sale was $700,000. As part of the consolidation process, the following journal entry was passed. Assuming there is another ten years of useful life remaining for the asset, what are the journal entries at 30 June 2009 to adjust for depreciation? A) B) C) D) E)
Assuming there is another ten years of useful life remaining for the asset, what are the journal entries at 30 June 2009 to adjust for depreciation?


A) A non-current asset was sold by Subsidiary Limited to Parent Limited on 30 June 2007. The carrying amount of the asset at the time of the sale was $700,000. As part of the consolidation process, the following journal entry was passed. Assuming there is another ten years of useful life remaining for the asset, what are the journal entries at 30 June 2009 to adjust for depreciation? A) B) C) D) E)
B) A non-current asset was sold by Subsidiary Limited to Parent Limited on 30 June 2007. The carrying amount of the asset at the time of the sale was $700,000. As part of the consolidation process, the following journal entry was passed. Assuming there is another ten years of useful life remaining for the asset, what are the journal entries at 30 June 2009 to adjust for depreciation? A) B) C) D) E)
C) A non-current asset was sold by Subsidiary Limited to Parent Limited on 30 June 2007. The carrying amount of the asset at the time of the sale was $700,000. As part of the consolidation process, the following journal entry was passed. Assuming there is another ten years of useful life remaining for the asset, what are the journal entries at 30 June 2009 to adjust for depreciation? A) B) C) D) E)
D) A non-current asset was sold by Subsidiary Limited to Parent Limited on 30 June 2007. The carrying amount of the asset at the time of the sale was $700,000. As part of the consolidation process, the following journal entry was passed. Assuming there is another ten years of useful life remaining for the asset, what are the journal entries at 30 June 2009 to adjust for depreciation? A) B) C) D) E)
E) A non-current asset was sold by Subsidiary Limited to Parent Limited on 30 June 2007. The carrying amount of the asset at the time of the sale was $700,000. As part of the consolidation process, the following journal entry was passed. Assuming there is another ten years of useful life remaining for the asset, what are the journal entries at 30 June 2009 to adjust for depreciation? A) B) C) D) E)

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