Reference no: EM132771459
Question - A Corp purchased 100 percent of B Corp in January 1, 2020. On June 1, 2020 A Corp sold inventory to B Corp with the cost of 50,000 and selling price of 100,000. B Corp then sold 75,000 for 125,000. B Corp paid 60,000 for the inventory A Corp sold with the rest being paid in 2021. Both companies use FIFO method and all are sold next year. What will the eliminating entries in 2021?
A. debit Accounts Payable 40,000 Credit Accounts receivable 40,000
B. debit Sales 100,000 credit Cost of Goods sold 100,000
C. Retained earnings 25,000 credit Cost of Goods Sold 25,000
D. Cost of Goods sold 25,000 credit Inventory 25,000
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