Consolidation Entries: Intercompany Computer Charges Plo Inc. owns 100% of Stro Inc.s com mon stock. Plo billed
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Consolidation Entries: Intercompany Computer Charges Plo Inc. owns 100% of Stro Inc.’s com¬
mon stock. Plo billed Stro $6,000 per quarter for computer services. The fourth quarter billing was unpaid at year-end. All aspects of the intercompany transaction were properly recorded by each company in its separate books.
1. What amounts should be reported in each company’s separate 2006 income statement and 12/31/06 balance sheet (asset and liability sections only)? Use the following format;
Consolidation Entries Account Plo Inc. Stro Inc. Dr. Cr. Consolidated 2. Prepare and post to your format the consolidation entries as of 12/31/06, relating only to these accounts.
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