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P Company owns 80% of the outstanding stock of S Company. During 2014, S Company...

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Accounting

P Company owns 80% of the outstanding stock of S Company. During 2014, S Company reported net income of $525,000 and declared no dividends. At the end of the year, S Companys inventory included $487,500 in unrealized profit on purchases from P Company. Intercompany sales for 2014 totaled $2,700,000. Required: Prepare in general journal form all consolidated financial statement workpaper entries necessary at the end of the year to eliminate the effects of the 2014 intercompany sales.

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