Question: Peat Company owns a 90 interest in Seaton Company The

Peat Company owns a 90% interest in Seaton Company. The consolidated income statement drafted by the controller of Peat Company appeared as follows:


During your audit you discover that intercompany sales transactions were not reflected in the controller’s draft of the consolidated income statement. Information relating to intercompany sales and unrealized intercompany profit is as follows:


Required:
Prepare a corrected consolidated income statement for Peat Company and Seaton Company for the year ended December 31, 2012.
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  • CreatedMarch 13, 2015
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