Question: During 2 0 2 0 , Odyssey Co . sold inventory to its wholly - owned subsidiary, Civic Co . The inventory cost $ 4

During 2020, Odyssey Co. sold inventory to its wholly-owned subsidiary, Civic Co. The
inventory cost $40,000 and was sold to Lord for $58,000. For consolidation reporting
purposes, when is the $18,000 intra-entity gross profit recognized?
During 2020, Odyssey Co. sold inventory to its wholly-owned subsidiary, Civic

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