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On 1 July 2017, Ukulele Ltd acquired 40% of the shares of Bongo Ltd for $99,600....

On 1 July 2017, Ukulele Ltd acquired 40% of the shares of Bongo Ltd for $99,600. At this date, all the identifiable assets and liabilities of Bongo Ltd were recorded at amounts equal to fair value except for inventory which had a fair value $9,900 greater than the carrying amount. All inventory was sold by 30 June 2018. The tax rate is 30%. Bongo Ltd was classified as an associate of Ukulele Ltd.

The profits and losses recorded by Bongo Ltd from the next 6 years were as follows:

2017–18

$30,000

2018–19

5,100

2019–20

(250,000)

2020–21

(49,900)

2021–22

15,100

2022–23

19,900

Required
Prepare the journal entries for the consolidation worksheet of Ukulele Ltd for the equity accounting of Bongo Ltd in each of the years from 2017–23.

answer needed please

can someone reply me please

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ekkarill92 answered 2 years ago
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