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a. A parent owns two third of the subsidiarys equity. As at a year end the subsidiarys inventory includes goods sent to it by the

a. A parent owns two third of the subsidiarys equity. As at a year end the subsidiarys inventory includes goods sent to it by the parent invoiced at $360,000. Parent has purchased these goods for $300,000. What will be the entries for the parents retained earnings and subsidiarys inventory in order to eliminate the unrealised profit? Justify your answer,

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