Giant owns 80% of Tiny. In January 2021, Giant purchased $1,700,000 of merchandise from Tiny. Of this purchase, $700,000 remains in ending inventory of Giant. Giant paid Tiny for $1,100,000 of the merchandise by 12/31/21. Which of the following is correct for Consolidated Entry P?

Multiple Choice

• dr. Accounts receivable $1,700,000

  cr. Sales $1,700,000

• dr. Sales $1,700,000

  cr. Cost of Goods Sold $1,700,000

• dr. Accounts receivable $1,100,000

  cr. Accounts payable $1,100,000

• dr. Accounts payable $600,000

  cr. Accounts receivable $600,000