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Problem 1: During the year ended 30 June 2020, a subsidiary sold inventory to its parent at a profit of $15,000. The inventory originally cost the subsidiary $98,000. At 30 June 2020 all the inventory was still on hand and it was all sold to an external party in July 2020. The perpetual inventory system is used. The consolidation entry to eliminate this transaction in the year ended 30 June 2021 would include which of the following line items?
a. Dr Cost of sales $15 000
b. Dr Cost of sales $98 000
c. Cr Cost of sales $15 000
d. Cr Cost of sales $98 000
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