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Business, 13.08.2020 01:01, Lowkeycaleb
Perkins Company own 85% of Sheraton Company. Perkins Company sells merchandise to Sheraton Company at 20% above cost. During 2008 and 2009, such sales amounted to $450,000 and $486,000, respectively. At the end of each year, Sheraton Company had in its inventory one-third of the amount of goods purchased from Perkins during that year. Prepare the workpaper entries necessary to eliminate the effects of the intercompany sales for 2008 and 2009.
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Perkins Company own 85% of Sheraton Company. Perkins Company sells merchandise to Sheraton Company a...
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