acc 401 homework wk 4 ch 6-7

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P Company owns 80 percent of the outstanding stock of S Company.

Net income of S Company during 2011 was $525,000.

Company declared no dividends during year 2011.

Inventory of S Company included $487,500 in unrealized profit on purchases from P Company.

Total intercompany sales were $2,700,000.

All consolidated workpaper entries required at the year of the year to eliminate the effects of the year 2011 intercompany sales are as follows:
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