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Corgan Corp. owns 100% of Smashing Co. Corgan uses the equity method to account for this investment. During 2018, King sells inventory to James for

  • Corgan Corp. owns 100% of Smashing Co. Corgan uses the equity method to account for this investment. During 2018, King sells inventory to James for $900,000. The inventory originally cost Corgan $620,000. At 12/31/18, 60% of the goods were still in James' inventory.
  • Required: Prepare the Consolidation Entry TI and Consolidation Entry G for the consolidation worksheet.

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