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During 2 0 2 0 , Odyssey Co . sold inventory to its wholly - owned subsidiary, Civic Co . The inventory cost $ 4

During

2020,

Odyssey Co

.

sold inventory to its wholly

-

owned subsidiary, Civic Co

.

The

inventory cost $

40, 000

and was sold to Lord for $

58, 000 .

For consolidation reporting

purposes, when is the $

18, 000

intra

-

entity gross profit recognized?

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