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King Corporation owns 85% of James Company. King uses the equity method to account for its investments. During 2023, King sells inventory to James for

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King Corporation owns 85% of James Company. King uses the equity method to account for its investments. During 2023, King sells inventory to James for $50,000. The inventory originally cost King $42,000. On December 31,2023,25% of the goods were still in James' inventory. Required: Prepare the Consolidation Entry T/ and Consolidation Entry G for the consolidation worksheet

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