X-beams inc owned 70 of the voting common stock of kent, Ask an Expert

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X-Beams Inc. owned 70% of the voting common stock of Kent Corp. During 2006, Kent made several sales of inventory to X-Beams. The total selling price was $180,000 and the cost was $100,000. At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000 in 2006 and in 2007.

Assuming inventory is no longer sold by Kent to X-Beans do the following:

A. For 2006 and 2007 make the eliminations required for the consolidation of the the corporations. That is the TI, G, and *G.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9977500

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