D Assume a wholly owned subsidiary sells inventory to the parent company. The parent company,...
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D Assume a wholly owned subsidiary sells inventory to the parent company. The parent company, ultimately, sells the inventory to customers outside of the ocnsolidated group. The parent company comprised the following data for the years ended 2021 and 2022: InterCo Sub NI Sales 2022 $450,000 $60,000 Year 2021 $375,000 $45,000 GP % 35% 30% % InterCo Inv Remaining Receivabl at EOY e/Payable Deferred GP 25% $ 22,500 $5,250.00 15% $ 18,750 $2,025.00 1 2 3 1. Prepare the I consolidation entries necessary to adjust for the intercompany sales: 4 5 Equity Income 5,250 450,000 2,025 446,775
Assume a wholly owned subsidiary sells inventory to the parent company. The parent company, ultimately, sells the inventory to customer: outside of the ocnsolidated group. The parent company comprised the following data for the years ended 2021 and 2022
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