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Determine devon share of the unrealized gain

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Question - Devon Inc. sold $210,000 in inventory to Frank Co. during 20X0 for $280,000. Frank resold $115,000 of this merchandise in 20X0 with the remainder to be disposed of during 20X1.

Assume Devon owns 26% of Frank and applies the equity method.

Required:

(1) Determine Devon's share of the unrealized gain at the end of 20X0.

(2) Prepare the journal entry Devon should record at the end of 20X0 to defer the unrealized intra-entity inventory profit.

Reference no: EM131582977

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