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(8MARKS) Q.1 Manhood Company owns 60% of the outstanding voting stock of Killer Mall at book value. Manhood sells merchandise to Killer Mall at


 

(8MARKS) Q.1 Manhood Company owns 60% of the outstanding voting stock of Killer Mall at book value. Manhood sells merchandise to Killer Mall at 140% above Manhood's cost. Intercompany sales from Manhood to Killer Mall for 2017 were $350,000. Killer Mall didn't sell anything in 2017, one-half in 2018 were sold and the remaining in 2019. 1. Considering the information given above, what elimination entry would be needed with respect to the intercompany transaction in the working paper used to prepare consolidated financial statements for 2017, 2018, 2019? (6 Marks)

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