Tower inc. owns 30% of yale co. and applies the equity method. during the current year, tower bought inventory costing $66,000 and then sold it to yale for $120,000. at year-end, only $24,000 of merchandise was still being held by yale. what amount of intra-entity gross profit must be deferred by tower?

the amount deferred by tower as intra-entity gross profit: 3,240

Explanation:

120,000 sales with a cost of 66,000

remains at year-end:

 24,000 with a cost of:  66,000/120,000 x 24,000 = 13,200

gross profit: 24,000 - 13,200 = 10,800

For this rgoss profit we are going to deferre the 30%;

10,800 x 30% =  3,240

one of the appeals of a sole proprietorship is that business expenses are kept separate from your personal income tax return

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