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Sayalittle Company is an 75% subsidiary of Prayer Corporation. Sayalittle sells P93,000 of inventory for P125,000 to Prayer on December 23,20x5. None of this inventory
Sayalittle Company is an 75% subsidiary of Prayer Corporation. Sayalittle sells P93,000 of inventory for P125,000 to Prayer on December 23,20x5. None of this inventory was sold to unrelated parties by the end of 205. During 206,60% of this inventory is sold to unrelated parties for P170,000. Sayalittle and Praye have net income in 206 of P293,000 and P802,000 respectively. Prepare the worksheet elimination entry on the sale of inventory in 206 ? Use a table format as shown below
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