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.

Answer rating: 100% (QA)

in the given case sub sold to parent it is assumed that t... View the full answer