Pit Corporation owns 85% of Stop Company’s outstanding common stock. On 07/01/18, Pit sold inventory
Pit Corporation owns 85% of Stop Company’s outstanding common stock. On 07/01/18, Pit sold inventory to Stop in exchange for $560,000 cash. Pit’s cost of the inventory was $420,000.
On 12/18/18, Stop sold 60% of the inventory to 3rd parties at a cash price of $448,000. The other 40% of the inventory remains on hand at 12/31/18.
Prepare below the journal entries prepared by Pit and Stop during 2018
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