at a $32\%$ gross profit percentage beginning in $2023.$ During $2023,$ P sales to S totaled $$240,000($at selling price$),$ of which $$45,000$ was still in S$\text{'}$ warehouse on $\frac{12}{31}\frac{?}{23}.$ In the $2023$ elimination entry, CGS was

a$)$ debited $$195,000$

b$)$ credited $$62,400$

c$)$ debited $$163,200$

d$)$ credited $$14,400$

With reference to the information in question #$1,$ assume that in $2024$ P sales to S totaled $$360,000($at selling price$),$ and $$55,000$ remained in S$\text{'}$ warehouse on $12/31/24.$ The $2024$ elimination entry would include a

a$)$ debit to S inventory for $$360,000.$

b$)$ debit to S

inventory for $$17,600.$

c$)$ debit to P retained earnings for $$14,400.$

d$)$ debit to S retained earnings for $$14,400.$

On $1/1/23,$ S sold equipment with a cost of $$280,000,$ accumulated depreciation of $$50,000$ and a remaining useful life of $5$ years, to its parent company P $,$ for $$270,000.$ S and P both use the straight$-$line depreciation method. In the $2023$ elimination entry depreciation expense is

a$)$ credited for $$16,000.$

b$)$ debited for $$54,000.$

c$)$ debited

for $$8,000.$

d$)$ credited for $$8,000.$

Refer to question #$3.$ In the ${2024}_{?}$ elimination entry, S retained earnings will be

a$)$ credited for $$8,000.$

b$)$ debited for $$40,000.$

c$)$ credited for

$$40,000.$

d$)$ debited for $$8,000.$

On $\frac{1}{1}\frac{?}{24},$ P issued $$300,000$ of $10\%$ bonds for $$266,100,$ a $12\%$ yield. Interest is payable January $1$ of each year. S uses the effective interest method. On $\frac{12}{31}\frac{?}{24},$ S purchased $$225,000$ of the outstanding P bonds for $98$ plus accrued interest. The $\frac{12}{31}\frac{?}{24}$ elimination entry will include a

a$)$ loss on retirement of bonds of $$19,476.$

b$)$ gain on retirement of bonds of $$19,476.$

c$)$ loss on retirement of bonds of $$4,500.$

d$)$ gain on retirement of bonds of $$18,000.$

With reference to question #$5,$ the $\frac{12}{31}\frac{?}{24}$ elimination entry will include a credit to interco. discount for

a$)$ $$25,425$

b$)$ $$33,900$

c$)$ $$23,976$

Which statement regarding interco. sale of merchandise is true? a$)2023$ interco. profit is fully eliminated in $2024.$

b$)2023$ interco. profit is not eliminated in $2024.$

c$)$ The unrealized portion of $2023$ interco. profit is eliminated in $2024.$

d$)$ The realized portion of $2023$ interco. profit is eliminated in $2024$

Consolidated income on the consolidated column of the $4$ column workpaper was $$300,000$ and minority interest in S net income was $$20,000.$ How much is total consolidated net income, as reported on the published consolidated income statement?

a$)$ $$300,000$