On January 1, 20X5, Block Corporation started using a wholly owned subsidiary to deliver all its sales

Question:

On January 1, 20X5, Block started using a wholly owned subsidiary to deliver all its sales overnight to its customers. During 20X5, Block recorded delivery service expense of $76,000 and made payments of $58,000 to the subsidiary.

Required
Give the worksheet elimination entries related to the intercompany services needed on December 31, 20X5, to prepare consolidated financial statements.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...