Strayten Corp. is a wholly-owned subsidiary of Quint Inc. Quint decided to use the initial value method to account for this investment. In 2013, Strayten sold Quint goods which cost $48,000. The selling price was $64,000. Quint still had one-eighth of the goods purchased from Strayten on hand at the end of 2013.

Required:

Prepare Consolidation Entry *G, which would have to be recorded at the end of 2013.

Answer rating: 100% (QA)

Consolidation entry recorded a... View the full answer