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Which the consolidation adjustment entry to eliminate

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Reference no: EM132937162

Problem 1: A subsidiary sold a quantity of inventories to its parent entity at a before-tax profit of $12 000. The original cost of the inventories to the subsidiary was $41 000. At the end of the year all of the inventories were still on hand. The consolidation adjustment entry to eliminate this transaction will include which of the following line items?

a Cr Inventories $12 000

b Cr Inventories $53 000

c Cr Inventories $41 000

d Cr Inventories $29 000

 

Reference no: EM132937162

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