Ice Corporation owns

30%

of Idea Company and applies the equity method. In 2XX0, Ice Corp. sells merchandise costing

$288,000

to Idea for

$360,000

. Idea's ending inventory includes

$60,000

purchased from Ice.\ Which of the following is the correct equity method entry to record the realization of the gross profit in 2XX1?\ Select one:\ a.\ \\\\table[[,Debit,Credit],[Equity Investment,60,000,],[Cost of Goods Sold,,60,000]]\ b.\ \\\\table[[,Debit,Credit],[Equity Income,3,600,],[Equity Investment,,3,600]]\ c.\ \\\\table[[,Debit,Credit],[Equity Investment,3,600,],[Equity Income,,3,600]]\ d.\ \\\\table[[,Debit,Credit],[Equity Income,60,000,],[Equity Investment,,60,000]]

Ice Corporation owns 30% of Idea Company and applies the equity method. In 2 XX0, Ice Corp. sells merchandise costing $288,000 to Idea for $360,000. Idea's ending inventory includes $60,000 purchased from Ice. Which of the following is the correct equity method entry to record the realization of the gross profit in 2XX1? Select one: a. b