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Scissor Inc. is a 100% owned subsidiary of Paper Corporation. For the year ending December 31, 2023, Scissors sold $400,000 in inventory to Paper Corporation.

Scissor Inc. is a 100% owned subsidiary of Paper Corporation. For the year ending December 31, 2023, Scissors sold $400,000 in inventory to Paper Corporation. Scissors earned a gross profit of 30% on all its sales. At the end of the year, Paper still holds 20% of the inventory. What adjustments must be made in the December 31, 2023 consolidated financial statements? 

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