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Question: Yukon Co. acquired 75% percent of the voting common stock of Ontario Corp. on January 1, 2013. During the year, Yukon made sales of inventory to Ontario. The inventory cost Yukon $260,000 and was sold to Ontario for $390,000. Ontario still had $60,000 of the goods in its inventory at the end of the year. The amount of unrealized intra-entity profit that should be eliminated in the consolidation process at the end of 2013 is

a. $15,000.

b. $32,500.

c. $30,000.

d. $110,000.

e. $20,000

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Accounting Basics, Accounting

Category:- Accounting Basics
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