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King CorpOwns 85% of James Co

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Essay

King Corp.owns 85% of James Co.King uses the equity method to account for its investments.During 2018, King sells inventory to James for $500,000.The inventory originally cost King $420,000.At 12/31/2018, 25% of the goods were still in James' inventory.
Required:
Prepare the Consolidation Entry TI and Consolidation Entry G for the consolidation worksheet.


Definitions:

Distributive Justice

The concept concerning the fair allocation of resources among diverse members of a community.

Oligarchy

Rule by the few.

Solitary Individuals

Solitary Individuals describes people who prefer to be alone or are isolated from others, often focusing on personal thoughts and experiences.

John Rawls

An American political philosopher in the liberal tradition, best known for his theory of justice as fairness, which emphasizes a system of cooperation and equality in political and social institutions.

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