Physics homework help. Inventory 21 600 28 000Additional information regarding City Ltd:The patent was considered to have an indefinite life. The plant had a further life of 10 years, and was depreciated on a straight-line basis. All the inventory was sold by 30 June 2017. In June 2017, City Ltd conducted an impairment test of goodwill and considered it to be impaired by $1300.In May 2017, City Ltd transferred $30 000 from the retained earnings on hand at 1 July 2016 to a general reserve. The tax rate is 30%.Required:Prepare the consolidation adjustment entries at 1 July 2016 and 30 June 2017.
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