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Prepare the eliminating consolidated journal entries

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Reference no: EM132125797

Question - Background info: Company A (parent) purchased 100% of the shares in Company B (subsidiary).

Company B sold inventory on the 1/3/17 to Company A for $98,000.

This inventory had cost Company B $69,000. by 30/6/17 half of the inventory had been sold to external parties.

Required: Prepare the eliminating consolidated journal entries and show details of working out.

Reference no: EM132125797

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