SCAQ Foundation AFF Practice Questions - SCAQ Foundation Advanced Financial Reporting Examination Exam

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On 1 January 2024, Parent sold equipment with a carrying amount of $120,000 to its 100%-owned Subsidiary for $150,000. Subsidiary depreciates equipment at 20% per annum straight-line. What is the net adjustment to consolidated non-current assets at 31 December 2024?

Deduction of $24,000 Deduction of $30,000 Addition of $6,000 Deduction of $150,000

Correct Answer:

Deduction of $24,000

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