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S LTD buys inventory for $5,000 and sold it to it's parent P LTD for $ 15,000. 80% of this inventory remains on hand at
S LTD buys inventory for $5,000 and sold it to it's parent P LTD for $ 15,000. 80% of this inventory remains on hand at the end of the reporting period . Assume a tax rate of 30%. Required: Prepare consolidation journal entries to eliminate the intragroup transaction
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
