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    Advanced Accounting Study Set 6
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    Exam 5: Consolidated Financial Statements - Intercompany Asset Transactions
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    Fraker,Inc
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Fraker,Inc

Question 9

Question 9

Essay

Fraker,Inc.owns 90 percent of Richards,Inc.and bought $200,000 of Richards' inventory in 2009.The transfer price was equal to 30 percent of the sales price.When preparing consolidated financial statements,what amount of these sales is eliminated?

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Regardless of the ownership percentage o...

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