Barker co acquired 75 percent of the voting common stock of

Reference no: EM13579154

Barker Co. acquired 75% percent of the voting common stock of Smith Corp. on January 1, 2013. During the year, Barker made sales of inventory to Smith. The inventory cost Barker $260,000 and was sold to Smith for $390,000. Smith still had $60,000 of the goods in its inventory at the end of the year. Compute amount of profit that should be eliminated in the consolidation process at the end of 2013

Reference no: EM13579154

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