Question: Explain the process by which assets are written up (or down) on intercompany asset transfers and why GAAP prohibits the recognition of profit in the

Explain the process by which assets are written up (or down) on intercompany asset transfers and why GAAP prohibits the recognition of profit in the intercompany transfers of assets.

Please be specific. Please use your own words and do not copy and paste the answer from the test bank (I have it). Thank you!!!

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