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King Corp.owns 85% of James Co.King uses the equity method to account for this investment.During 2009,King sells inventory to James for $500,000.The inventory originally cost King $420,000.At 12/31/09,25% of the goods were still in James' inventory.
Required:
Prepare the Consolidation Entry TI and Consolidation Entry G for the consolidation worksheet.
Pantene
A brand of hair care products marketed by Procter & Gamble, known for shampoos, conditioners, and styling products.
Mission Statement
A concise description of an organization's purpose, identifying its scope of operations, and guiding its decision-making.
Profit
The financial gain that results when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.
Marketing Plan
A comprehensive document or blueprint outlining a business's advertising and marketing efforts for the coming period.
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