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Prepare eliminating entries for intercompany transactions

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Reference no: EM133009772

On January 2, 2021, Penn Company purchased 80% of the outstanding common shares of Senn Company.

  • During 2021, Penn Company sold merchandise that cost $2,700 to Senn Company for $3,600.
  • Senn Co. sold all but $600 of this merchandise to its customers for $3,700 on account.
  • Senn Co. reported net income of $3,000 and Planet reported separate operating income (excluding income from Senn Co.) of $5,000 during 2021.

Problem 1: Prepare eliminating (consolidation) entries for intercompany transactions on December 31, 2021.

Reference no: EM133009772

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