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Prepare the Consolidation Entry TI and Consolidation Entry G

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King Corp. owns 85% of James Co. King uses the equity method to account for its investments. During 2018, King sells inventory to James for $500,000. The inventory originally cost King $420,000. At 12/31/2018, 25% of the goods were still in James' inventory.

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Problem 1: Prepare the Consolidation Entry TI and Consolidation Entry G for the consolidation worksheet.

Reference no: EM132617939

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