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Determine Plaza income from Season

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Reference no: EM132937916

Question - Plaza Co. bought 80% of the outstanding voting stock of Season Co. at book value several years ago. (At the time of purchase, the fair value and book value of Season' net assets were equal.) Plaza sells merchandise to Season at 120% above Plaza's cost. Intercompany sales from Plaza to Season for 2020 were $450,000. Unrealized profits in Season' December 31, 2019 inventory and December 31, 2020 inventory were $17,000 and $15,000, respectively. Season reported net income of $750,000 for 2020.

Required -

1. Determine Plaza's income from Season for 2020.

2. In General Journal format, prepare consolidation entries at December 31, 2020 to eliminate the effects of the intercompany inventory sales assuming the perpetual inventory method is used.

Reference no: EM132937916

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