Camille, Incorporated, sold $164,000 in inventory to Eckerle Company during 2023 for $200,000. Eckerle resold $105,000...

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Camille, Incorporated, sold $164,000 in inventory to Eckerle Company during 2023 for $200,000. Eckerle resold $105,000 of this merchandise in 2023 with the remainder to be disposed of during 2024. Required: Assuming that Camille owns 30 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 201 defer the intra-entity gross profit? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Camille, Incorporated, sold $164,000 in inventory to Eckerle Company during 2023 for $200,000. Eckerle resold $105,000 of this merchandise in 2023 with the remainder to be disposed of during 2024. Required: Assuming that Camille owns 30 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 201 defer the intra-entity gross profit? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.

Answer rating: 100% (QA)

Answer To account for the intraentity gross profit deferral under the equity method we need to recog... View the full answer