Sub sold Parent $100,000 worth of merchandise during 2016 and received cash. Deferred profit in...
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Sub sold Parent $100,000 worth of merchandise during 2016 and received cash. Deferred profit in the beginning of the year (i.e. 12/31/2015) was $18,525. Deferred profit at 12/31/2016 as $28,500. Provide the consolidation entries to eliminate the intercompany transactions.
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