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Wash Company sells inventory to its subsidiary, Fish Company, at a profit during 2010. One-third of the inventory is sold by Wash uses the equity
Wash Company sells inventory to its subsidiary, Fish Company, at a profit during 2010. One-third of the inventory is sold by Wash uses the equity method to account for its investment in Fish. In the consolidation worksheet for 2011, which of the following choices would be a debit entry to eliminate unrealized intra-entity gross profit with regard to the 2010 intra-entity sales? Investment in Fish Company.
Retained earnings.
Cost of goods sold.
Inventory
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