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Earth co owns 100 percent of the capital stock of both mars co and venus co. Mars purchases merchandise inventory from venus cost During 2018
Earth co owns 100 percent of the capital stock of both mars co and venus co. Mars purchases merchandise inventory from venus cost During 2018 venus sold inventory to mars that it had purchased for 25,000 mars sold all of this merchandise to unrealated customer for 56892 during 2018. In preparing combined financial statements for 2018. Earths bookkeeper disregarded the common ownership of mars and venus. Based information what amount should be eliminated from cost of goods sold in the combined income statement for 2018?
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