In the year 2022, the parent company MajesticCorp held complete ownership of the common stock of its subsidiary, StellarInc. Majestic Corp reported sales amounting to $1,000,000, with a cost of goods sold reaching $700,000. Simultaneously, StellarInc achieved sales of $250,000 and incurred a cost of goods sold of $200,000. Throughout the year, StellarInc sold merchandise to MajesticCorp, priced at $10,000, at a cost of $8,000. As the year came to a close, Majestic Corp still retained 20 percent of this inventory. Violation, Write consolidation entries [TI], [G] in year 2022 and entry *[G] in year 2023.. yedu. Unauthorized sh

In the year 2022, the parent company MajesticCorp held complete ownership of the comnou stock of its subsidiary, Stellarinc. MajesticCorp reported sales amounting to $1,000,000, with a cost of goods sold reaching $700,000. Simultaneously, Stellarinc achieved sales of $250,000 and incurred a cost of goods sold of $200,000. Throughout the year, Stellarine sold morchandise to MajesticCorp, priced at $10000, at a cost of $8,000. As the year came to a close, MajesticComp still retained 20 percent of this inventory Write consolidation entries [II], [G] in year 2022 and entry F[G in yeir 2023