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Prepare a year-end consolidated balance sheet

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Reference no: EM132042678

Question - Harris Enterprises owns 100% of the outstanding stock of Staton Company. The following transactions occurred during 2X13:

a) Harris Enterprises sold inventory costing $2,750 on account to Staton Company for $3,800. As of year-end, the amount due had not been paid. Harris Enterprises and Staton Company use a perpetual inventory system.

b) Staton Company borrowed $8,000 from Harris Enterprises on December 31, 2X13, and signed a 2-year note.

Required: For each item, prepare the necessary intercompany elimination entry that is needed, if at all, in order to prepare a year-end consolidated balance sheet. Be certain to specifically identify whether an account is on the books of Harris Enterprises or Staton Company.

Reference no: EM132042678

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