Question 2 An investor owns 30% of the equity of an associate. During the year, the...

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Question 2 An investor owns 30% of the equity of an associate. During the year, the associate sells inventory to the investor that has a cost of $103,680. A mark up at cost of 25% was added to arrive at the selling price. 60% of the inventory is sold by the investor. Required: 1- By year end, record the journal entry in the books of the investor to eliminate unrealized profits? Show all calculations 2- By year end, record the journal entry in the books of the investor to eliminate unrealized profits if the inventory was sold by the investor to the investee and all other information in the question remains identical Dr Cr Dr Cr Question 2 An investor owns 30% of the equity of an associate. During the year, the associate sells inventory to the investor that has a cost of $103,680. A mark up at cost of 25% was added to arrive at the selling price. 60% of the inventory is sold by the investor. Required: 1- By year end, record the journal entry in the books of the investor to eliminate unrealized profits? Show all calculations 2- By year end, record the journal entry in the books of the investor to eliminate unrealized profits if the inventory was sold by the investor to the investee and all other information in the question remains identical Dr Cr Dr Cr