Question
Parent Corp. holds 90% ownership of the stock of Sub Inc. During 2019, Sub sold inventory costing $500,000 to Parent for $800,000. Parent resold 70%
Parent Corp. holds 90% ownership of the stock of Sub Inc. During 2019, Sub sold inventory costing $500,000 to Parent for $800,000. Parent resold 70% of the inventory in 2019 and resold the remaining 30% in 2020.
Required: For the intercorporate sale of inventory above,
(1) Prepare the necessary consolidation entry(ies) at Dec. 31, 2019.
(2) Prepare the necessary consolidation entry(ies) at Dec. 31, 2020.
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Are You Ready For An ISMS Audit Based On 27001
Authors: BSI British
1st Edition
0580829138, 978-0580829130
