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Charley Ltd owns all the share capitals of Chaplin Ltd. The following transactions relate to the period ended 30 June 2016.

(a)    On 1 July 2015, Charley Ltd sold a motor vehicle to Chaplin Ltd for $ 25 000. This had a carrying amount to Charley Ltd of $ 22 000. Both entities depreciate motor vehicles at a rate of 10% p.a. on cost.  

(b)    Chaplin Ltd manufactures items of machinery which are used as property, plant and equipment by other companies, including Charley Ltd. On 1 January 2016, Chaplin Ltd sold such an item to Charley Ltd for $68 000, its cost to Chaplin Ltd being only $60 000 to manufacture. Charley Ltd charges depreciation on these machines at 20% p.a. on the diminishing value.

(c)    In January 2016 Charley Ltd sells inventory to Chaplin Ltd for $15 000. This inventory had previously cost Charley Ltd $10 000, and it remains unsold by Chaplin Ltd at the end of the period.

(d)    In December 2015, Chaplin Ltd paid a $ 2500 interim dividend and during March 2016, declared a $ 6000 dividend. The dividend was paid in August 2016.    (2 Marks)

(e)    During the 2014-2015 period, Charley Ltd sold inventory to Chaplin Ltd for $10 000, recording a before-tax profit of $2000. Half this inventory was unsold by Chaplin Ltd at 30 June 2015.  

(f)    Chaplin Ltd rented a spare warehouse to Charley Ltd during 2015 - 2016. The total charge for the rental was $ 24 000, but Charley Ltd had not paid any rental expense to Chaplin as at 30 June 2016. 


REQUIRED:
(A)    Assuming an income tax rate of 30%, provide adjusting entries to be included in the consolidation worksheet as at 30 June 2016, show all workings. (16 Marks)

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