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During 200X, Papa Company sold inventory, which cost it $18,000, to its subsidiary, Sony Company for $27,000. At the end of 200X, Sony Company had
During 200X, Papa Company sold inventory, which cost it $18,000, to its subsidiary, Sony Company for $27,000. At the end of 200X, Sony Company had $9,000 of the intercompany goods still on its books. The balance had been resold to unaffiliated customers for $24,000. Which of the following is an amount that should be eliminated for 200X consolidated statements?
a. $27,000
B. $24,000
C. $18,000
d. $12,000
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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
