Included in the working paper eliminations (in journal entry format) for Parent Corp. and 93%-owned Subsidiary Company for the fiscal year ended May 31, 2006, were the following items related to Parent's sales to Subsidiary:
Explain the effect of the foregoing on consolidated net income of Parent Corp. and Subsidiary and on minority interest in net income of subsidiary for the year ended May 31, 2006.

Question

Included in the working paper eliminations (in journal entry format) for Parent Corp. and 93%-owned Subsidiary Company for the fiscal year ended May 31, 2006, were the following items related to Parent's sales to Subsidiary:
  Explain the effect of the foregoing on consolidated net income of Parent Corp. and Subsidiary and on minority interest in net income of subsidiary for the year ended May 31, 2006.

Quizplus · Accepted Answer

The Answer of Included in the working paper eliminations (in journal entry format) for Parent Corp. and 93%-owned Subsidiary Company for the fiscal year ended May 31, 2006, were the following items related to Parent's sales to Subsidiary:
  Explain the effect of the foregoing on consolidated net income of Parent Corp. and Subsidiary and on minority interest in net income of subsidiary for the year ended May 31, 2006.

Included in the Working Paper Eliminations (In Journal Entry Format)