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In May 2014,a Parent Sold Inventory to a Subsidiary Entity

Question 36

Multiple Choice

In May 2014,a parent sold inventory to a subsidiary entity for $60 000.The inventory had previously cost the parent entity $48 000.The entire inventory is still held by the subsidiary at reporting date,30 June 2014.Ignoring tax effects,which of the following is the adjustment entry in the consolidation worksheet at reporting date?


A) In May 2014,a parent sold inventory to a subsidiary entity for $60 000.The inventory had previously cost the parent entity $48 000.The entire inventory is still held by the subsidiary at reporting date,30 June 2014.Ignoring tax effects,which of the following is the adjustment entry in the consolidation worksheet at reporting date? A) B) C) D)
B) In May 2014,a parent sold inventory to a subsidiary entity for $60 000.The inventory had previously cost the parent entity $48 000.The entire inventory is still held by the subsidiary at reporting date,30 June 2014.Ignoring tax effects,which of the following is the adjustment entry in the consolidation worksheet at reporting date? A) B) C) D)
C) In May 2014,a parent sold inventory to a subsidiary entity for $60 000.The inventory had previously cost the parent entity $48 000.The entire inventory is still held by the subsidiary at reporting date,30 June 2014.Ignoring tax effects,which of the following is the adjustment entry in the consolidation worksheet at reporting date? A) B) C) D)
D) In May 2014,a parent sold inventory to a subsidiary entity for $60 000.The inventory had previously cost the parent entity $48 000.The entire inventory is still held by the subsidiary at reporting date,30 June 2014.Ignoring tax effects,which of the following is the adjustment entry in the consolidation worksheet at reporting date? A) B) C) D)

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