Yoderly Co., a wholly owned subsidiary of Nelson Corp., sold goods to Nelson near the end of 2011. The goods had cost Yoderly $105,000 and the selling price was $140,000. Nelson had not sold any of the goods by the end of the year.
Required:
Prepare Consolidation Entry TI and Consolidation Entry G that are required for 2011.

Question

Quizplus · Accepted Answer

The Answer of Yoderly Co., a wholly owned subsidiary of Nelson Corp., sold goods to Nelson near the end of 2011. The goods had cost Yoderly $105,000 and the selling price was $140,000. Nelson had not sold any of the goods by the end of the year.
Required:
Prepare Consolidation Entry TI and Consolidation Entry G that are required for 2011.