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Question - On January 1, 2022, Maria, Inc. acquired 70% of the voting shares of Sandro, Inc.
In 2022, María bought Sandro's inventory on credit for $300,000.
The accounts will be paid during the first week of January 2023.
The cost of the inventory on Sandro's books was 250,000.
Required - Prepare the necessary consolidation entry to eliminate any amounts and accounts related to the inventory transaction between Maria and Sandro assuming that as of 12/31/22 Maria had 100% unsold inventory.
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