Question 3 Nor yet answered Marked out of 1.00 Flag question Revenue is recognized when it is carned, therefore revenue earned for a consolidated entity occurs when there is a sale to outside entity Select one: Truc False Question 4 Not yet answered Marked out of 1.00 Flag question Global Co acquired 85% of Local Company's voting shares of stock in 2017. During 2018, Global purchased 50,000 picture tubes for $15 each and sold 28,000 of them to Local for $20 each, Local sold all of the units to unrelated entities prior to December 31,2018, for $30 each. Both companies use perpetual inventory systems. Which workpaper eliminating entry is needed in preparing consolidated financial statements foi 2018 to remove all effects of the intercompany sale? Select one: O O a. debit sales and credit cost of goods sold by 650,000 b. debit cost of goods sold and credit sales by 650.000 O C. debit sales and credit cost of goods sold by 560,000 O d. debit cost of goods sold and credit sales by 560,000