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How should the sale between mcgraw and ritter be accounted

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Reference no: EM132763825

McGraw Corp. owned all of the voting common stock of Ritter Co. During 2021, Ritter sold inventory to McGraw. The goods had cost Ritter $65,000, and they were sold to McGraw for $100,000. At the end of 2021, McGraw still held 30% of the inventory.

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Problem 1: How should the sale between McGraw and Ritter be accounted for in a 2021 consolidation worksheet?

Reference no: EM132763825

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