Question: Journal entry to recognize deferred profit in beginning inventory (dr) Equity income (cr) Equity investment (dr) Equity investment (cr) Equity Income (dr) Cost of goods

Journal entry to recognize deferred profit in beginning inventory

(dr) Equity income

(cr) Equity investment

(dr) Equity investment

(cr) Equity Income

(dr) Cost of goods sold

(cr) Inventory

(dr) Equity investment

(cr) Cost of goods sold

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