Flax Co. acquired 80% percent of the voting common stock of Levinson Corp. on January 1, 2021. During the year, Flax made sales of inventory to Levinson. The inventory cost Flax $275,000 and was sold to Levinson for $420,000. Levinson held $84,000 of the goods in its inventory at the end of the year. The amount of intra-entity gross profit for which recognition is deferred, and should therefore be eliminated in the consolidation process at the end of 2021, is: Multiple Choice $23,200. $67,200. $145,000. $116,000. $29,000.
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Business, 22.06.2019 21:20, dorianhenderson987
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Business, 22.06.2019 22:00, vanessacasillas452
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Flax Co. acquired 80% percent of the voting common stock of Levinson Corp. on January 1, 2021. Durin...
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