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During the fiscal year ended March 31, 2020, Alharith Company, the 90%-owned subsidiary of Alhamadi Corporation, sold merchandise for the first time to Alhamadi at
During the fiscal year ended March 31, 2020, Alharith Company, the 90%-owned subsidiary of Alhamadi Corporation, sold merchandise for the first time to Alhamadi at a billed price ofOMR160,000, representing a 25% markup on Alharith cost. On March 31, 2020, OMR40,000 of the merchandise remained unsold. There were no other intercompany transactions during the year ended March 31, 2020, and Alharith had a net income of OMR80,000 for that year. In the working paper elimination (in journal entry format) of Alhamadi Corporation and subsidiary for the year ended March 31, 2020, Minority Interest in Net Income of Subsidiary is debited for: Select one a. OMRO b. None of the answers are correct COMR7,000 d. OMR8,000 e. OMR7,200
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