Reference no: EM132592591
Pesto Company consolidates its subsidiary, Salsa. Information on intercompany transactions for 2020 is as follows:
1. During 2017, Salsa sold Pesto land for $600. The land had originally cost Salsa $200. The land is still held by Pesto.
2. In 2020, Salsa sells merchandise to Pesto on a regular basis, at a markup of 20% over cost. In 2020, Salsa sold merchandise to Pesto at a price of $25,000. Pesto's beginning inventory for 2020 contained $1,320 in merchandise purchased from Salsa; Pesto's ending inventory contains $1,500 in merchandise purchased from Salsa.
3. At the beginning of 2018, Pesto sold Salsa equipment for $40,000. The equipment had been carried on Pesto's books at a cost of $50,000 and accumulated depreciation of $35,000. As of the date of sale, the equipment had a 10-year remaining life, straight-line. Salsa still holds the equipment at the end of 2020.
Required
Question 1: Prepare, in journal entry form, the required eliminating entries for the three intercompany transactions, for the December 31, 2020 consolidation working paper.
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