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Prepare the journal entries for P and S

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Reference no: EM133094377

Question - P Company owns 80% of S Company. S Company sells merchandise to P Company at 35% above cost. During 2020 such sales amounted to $600,000. At the end of each year, P Company had sold 1/3 of inventory purchased from S to third parties.

Required -

a. Prepare the journal entries for P and S.

b. Prepare the work-paper entries necessary to eliminate the effects of the intercompany sales for 2020.

Reference no: EM133094377

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