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Do still perform eliminating entries for parent

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Problem 1: Harper company has a 90% voting stock control subsidiary, S1. S1 sells to Parent product with a markup of 25%. Then Parent sells back this product to S1 with a 33% markup. S1 sells this product to a third party client. There is no intercompany inventory left in inventory every month. Do still perform eliminating entries for Parent and S1?

Reference no: EM132626157

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