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P Company owns an 80% interest In S Company. During 2017, S sells merchandise to P for $150,000 at a profit of $30,000. On December
P Company owns an 80% interest In S Company. During 2017, S sells merchandise to P for $150,000 at a profit of $30,000. On December 31, 2017, 50% of this merchandise Is Included In P's Inventory. Income statements for P and S are summarized below: No controlling interest in income for 2017 is
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