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A subsidiary sells inventory to its parent at a markup of 30% on cost. in...

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Accounting

A subsidiary sells inventory to its parent at a markup of 30% on cost. in 2019, the parent paid $650,000 for merchandise received from the subsidiary. The parent sold $455,000 of the inventory to outside parties and the remaining $195,000 is stored in a warehouse. Write the elimination entries needed for the 2019 consolidation worksheet for the inter company inventory sales

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