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Company P Owns 100% of the Common Stock of Company \quad

question 40

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Company P owns 100% of the common stock of Company S.Company P is constructing an asset for Company S that will be used in Company S's manufacturing operations over a 5-year period.The asset was 50% complete at the end of 2016 and was completed on December 31, 2017.Company P is recording the construction under the percentage of completion method.The asset was put into use by Company S on January 1, 2018.The profit on the asset was estimated to be $50,000.Actual results complied with the estimate.On the consolidated statements, the profit recognized will be ?
?
\quad 2016 \quad \quad 2017 \quad 2018 \quad 2019 - 2017


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