Clancy Incorporated, sold $210,000 of its inventory to Reid Company during 2011 for $350,000. Reid sold $224,000 of this merchandise in 2011 with the remainder to be disposed of disposed of during 2012. Assume Clancy owns 30% of Reid and applies the equity method.

Answer rating: 100% (QA)

2011 Equity in income of Reid 15120 Investment ... View the full answer