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Selected accounts from the year - to - date financial statements for Nowak Company and its wholly owned subsidiary, Shawinigan Ltd . , were as
Selected accounts from the yeartodate financial statements for Nowak Company and its wholly owned subsidiary, Shawinigan Ltd were as follows:
Nowak Shawinigan Consolidated
Cash $ $ $
Inventory
Deferred income tax asset
Sales
Cost of sales
Income tax expense
Additional Information
The above statements include the only intercompany transaction this year which was a cash sale of $ by Nowak to Shawinigan at its regular margin of of sales and accrued income tax at its tax rate of
Today, Shawinigan sold $ of the inventory it had purchased from Nowak to an arm's length party at its regular markup of over cost and accrued income tax at its tax rate of
Required:
Determine the account balance for each account on the three financial statements after the new transaction is recorded. Input all amounts as positive values. Omit $ sign in your response.
Nowak Shawinigan Consolidated
Cash $ $ $
Inventory
Deferred income tax asset
Sales
Cost of sales
Income tax expense
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