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What journal entry would Large make at the end

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Question - Large Company owns 30% of Small Company's common stock which gives it the ability to apply significant influence and thus uses the equity method of accounting for its investment. During 2020 Large sold inventory costing $120,000 to Small for $200,000. Also during 2020 Small resold $85,000 of this inventory to third parties. What journal entry would Large make at the end of 2020 to defer the intra-entity gross profit?

Reference no: EM132892552

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