Camille, Inc., sold $168,000 in inventory to Eckerle Companyduring 2020 for $240,000. Eckerle resold $83,000 of thismerchandise in 2020 with the remainder to be disposed of during2021. Assuming that Camille owns 31 percent of Eckerle and appliesthe equity method, what journal entry is recorded at the end of2020 to defer the intra-entity gross profit? (If noentry is required for a transaction/event, select "No journal entryrequired" in the first account field. Do not round intermediatecalculations.)
Camille Inc Sold 168 000 In Inventory To Eckerle Company During 2020 For 240 000 Eckerle Resold 83 000 Of This Me 1 (79.38 KiB) Viewed 11 times
Camille, Inc., sold $168,000 in inventory to Eckerle Company during 2020 for $240,000. Eckerle resold $83,000 of this merchandise in 2020 with the remainder to be disposed of during 2021. Assuming that Camille owns 31 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 2020 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 Record the entry at the end of 2020 to defer unrealized gross profit. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal >
View transaction list 1 Record the entry at the end of 2020 to defer unrealized gross profit. Note : = = journal entry has been entered X
Journal entry worksheet 1 Record the el Note: Enter debits Transaction 1 Record entry No journal entry required Cash Dividend income Dividends receivable Equity in Investee Income ---- Finnm Camilla Clear entry s profit. Debit Credit View general journal >
Journal entry worksheet 1 Record the el Note: Enter debits Transaction 1 Record entry Equity income from Camille Goodwill Inventory Investment in Camille Investment in Eckerle Sales Clear entry s profit. Debit Credit View general journal
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