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Prepare the journal entries for crazy normal and worksheet

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Reference no: EM131788288

Question - On 1/1/2000 Crazy Company purchased all the outstanding stock of Normal Company. On 10/1/2011 Crazy sold inventory to Normal for $40,000. This merchandise had cost Crazy $20,000 to produce. At the end of 2011 Normal had sold ½ of the merchandise from Crazy for $22,000. In 2012 Normal sold the rest of the merchandise from Crazy for $23,000.

Required: Prepare the journal entries for crazy, normal and worksheet for 2011, 2012...both crazy and normal use perpetual inventory.

Reference no: EM131788288

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