S LTD buys inventory for $5,000 and sold it to it's parent P LTD for $ 15,000.

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S LTD buys inventory for $5,000 and sold it to it's parent P LTD for $ 15,000. 80% of this inventory remains on hand at the end of the reporting period . Assume a tax rate of 30%. Required: Prepare consolidation journal entries to eliminate the intragroup transaction

Posted Date: May 18, 2024 11:11 PM

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S LTD buys inventory for $5,000 and sold it to it's parent P LTD for $ 15,000.

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