On January 1, 20X5, Potter Corporation started using a wholly owned subsidiary to deliver all its sales

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On January 1, 20X5, Potter Corporation started using a wholly owned subsidiary to deliver all its sales overnight to its customers. During 20X5, Potter recorded delivery service expense of $76,000 and made payments of $58,000 to the subsidiary.


Required

Give the worksheet consolidation entries related to the intercompany services needed on December 31, 20X5, to prepare consolidated financial statements.

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Advanced Financial Accounting

ISBN: 9781260772135

13th Edition

Authors: Theodore Christensen, David Cottrell, Cassy Budd

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