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Eliminate unrealized profits from consolidated inventory

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Question Swamp Co., a 55%-owned subsidiary of Pond Inc., made the following entry to record a sale of merchandise to Pond:

Accounts Receivable     40,000

Sales Revenue              40,000

Question problem 1: All Swamp sales are at 125% of cost. One-fourth of this merchandise remained in the Pond's inventory at year-end. A working paper entry to eliminate unrealized profits from consolidated inventory would include a credit to Inventory in the amount of

Reference no: EM132465778

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