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Compute the portion of the elimination entry

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Question - On September 8th, 2019 Max, Inc. bought inventory from Dan co. for $500,000 cash that had a cost of $300,000. Max, Inc. subsequently sold all that inventory to an unrelated third party during the year at a sales price of $700,000. Max, Inc. and Dan Co. are related companies subject to consolidation. Compute the portion of the elimination entry at the time of consolidation to account for any required adjustment to the sales account?

Reference no: EM132563378

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