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How should the sale between McGraw and Ritter be accounted

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Reference no: EM132746978

Question - McGraw Corp. owned all of the voting common stock of Ritter Co. During 2021, Ritter sold inventory to McGraw. The goods had cost Ritter $65,000, and they were sold to McGraw for $100,000. At the end of 2021, McGraw still held 30% of the inventory.

Required - How should the sale between McGraw and Ritter be accounted for in a 2021 consolidation worksheet? Show worksheet entries to support your answer.

Reference no: EM132746978

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