Question: ASAP - PLEASE ANSWER THE QUESTIONS IN EXCEL AND WITH DETAILED EXPLANATIONS Suppose Big Company owns 30% of Small Company and sells $100,000 of inventory

ASAP - PLEASE ANSWER THE QUESTIONS IN EXCEL AND WITH DETAILED EXPLANATIONS

Suppose Big Company owns 30% of Small Company and sells $100,000 of inventory to Small. Markup, or gross profit (expressed as a percentage of the transfer price), is 25%. Small Company sells 60% of the inventory by year-end.

The journal entry to record the deferral of the unrealized profit is:

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