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Question 1 Downstream Sales P Company owns 8 0 % of the outstanding stock of S Company. During 2 0 1 9 , S Company
Question Downstream Sales
P Company owns of the outstanding stock of S Company. During S
Company reported net income of $ and declared no dividends. At the end of the year, S Company's inventory included $ in unrealized profit on purchases from P Company. Intercompany sales for totaled $
Required:
Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminate the effects of the intercompany sales.
Question Noncontrolling Interest, Downstream Sales
Refer to question Calculate the amount of the noncontrolling interest to be deducted from consolidated income in arriving at controlling interest in consolidated net income.
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