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McGraw Corp. owned all of the voting common stock of both Ritter Co. and Lawler Co. During 2011, Ritter sold inventory to Lawler. The goods had cost Ritter $65,000, and they were sold to Lawler for $100,000. At the end of 2011, Lawler still held 30% of the inventory.
Required:
How should the sale between Lawler and Ritter be accounted for in a consolidation worksheet? Show worksheet entries to support your answer.
Nominal-Level
Classification of data, for which the measurement scales are categorized without any order or ranking implied among the values.
Coefficient of Determination
A numerical indicator showing the fraction of the variance in a dependent variable accounted for by one or more independent variables within a regression analysis.
Variance
A measure of how much values in a dataset differ from the mean of that dataset.
Phi
A measure of association for two binary variables, reflecting the strength and direction of their relationship.
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