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Please answer all parts of this question in the form of a grid. I will only upvote if all parts are answered and they are
Please answer all parts of this question in the form of a grid. I will only upvote if all parts are answered and they are in grid form.
Upstream and Downstream Sales LO 2 LO 5 Pace Company owns 85% of the outstanding common stock of Sand Company and all the outstanding common stock of Star Company. During 2020, the affiliates engaged in intercompany sales as follows: The following amounts of intercompany profits were included in the December 31, 2019, December 31, 2020, inventories of the individual companies: Intercompany Profit in Income from each company's independent operations (micrumus saics iv arliliates) for the year ended December 31 2020. is presented here: Required: A. Prepare in general journal form the workpaper entries necessary to eliminate intercompany sales and intercompany profit in the December 31,2020 , consolidated financial statements workpaper. B. Calculate the balance to be reported in the consolidated income statement for the followin line items: Consolidated income Noncontrolling interest in consolidated income Controlling interest in consolidated income
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