During year 2005, Subsidiary Ltd made sales of inventory to Father Ltd for on- sale to external parties. The inventory had originally cost Subsidiary Ltd $24,000. All intra-group inventories were sold in 2005.
Intragroup sales of inventory are at a mark-up of 20% on cost.
What is the consolidation elimination journal entry for 2005?
Consolidation elimination journal entries:... View the full answer