Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pit corporation owns 85% of stop companys outstand

Pit Corporation owns 85% of Stop Companys outstanding common stock. On 07/01/18, Pit sold inventory...

70.2K

Verified Solution

Question

Accounting

Pit Corporation owns 85% of Stop Companys outstanding common stock. On 07/01/18, Pit sold inventory to Stop in exchange for $560,000 cash. Pits cost of the inventory was $420,000.

On 12/18/18, Stop sold 60% of the inventory to 3rd parties at a cash price of $448,000. The other 40% of the inventory remains on hand at 12/31/18.

Prepare below the journal entries prepared by Pit and Stop during 2018

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

PLEASE ANSWER THE QUESTIONS WITH EXPLANATION. 1 mm bug located at the near-point, 25 cm away...

Psychology
1.2K views

What is the purpose of the 4th Amendment? Please review the article on the legal issues...

Biology
1.2K views

The process through which cells can detect and respond to signals in their extracellular environment...

Physics
1.2K views

D For the structure shown in figure moment of about an axis passing through yy...

Calculus
1.2K views

Use a graphing utility to approximate the solutions of the equation in the interval 0...

Algebra
1.2K views

3. Complete the following questions using the following planes T?: 2x + 4y-6z -2 =...

Accounting
1.2K views

The following data are available for product no. CK7, manufactured and sold by Rose Corporation:...

Accounting
1.2K views

Help Please! The contribution format income statement for Huerra Company for last year is...

Accounting
1.2K views

The records at the end of January of the current year for Young Company showed...

Accounting
1.2K views

Yesling Corp. issued 9,000 shares of no-par common stock for $7 per share. 1. Record...

Accounting
1.2K views

Identify and discuss the ethical duties and responsibilities relevant to a Audit Manager.(500 words)

Accounting
1.2K views

Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days...