Camille, Inc., sold $120,000 in inventory to Eckerle Company during 2020 for $200,000. Eckerle resold $85,000 of this merchandise in 2020 with the remainder to be disposed of during 2021. Assuming that Camille owns 30 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 2020 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 Record the entry at the end of 2020 to defer unrealized gross profit. Note: Enter debits before credits. Transaction. 1 General Journal Debit Credit
Camille, Inc., sold $120,000 in inventory to Eckerle Company during 2020 for $200,000. Eckerle resold $85,000 of this merchandise in 2020 with the remainder to be disposed of during 2021. Assuming that Camille owns 30 percent of Eckerle and applies the equity method, what journal entry is recorded at the end of 2020 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet < 1 Record the entry at the end of 2020 to defer unrealized gross profit. Note: Enter debits before credits. Transaction. 1 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Camille, Inc., sold $120,000 in inventory to Eckerle Company during 2020 for $200,000. Eckerle resold $85,000 of this merchandise
n 2020 with the remainder to be disposed of during 2021. Assuming that Camille owns 30 percent of Eckerle and applies the equity
method, what journal entry is recorded at the end of 2020 to defer the intra-entity gross profit? (If no entry is required for a
transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)
View transaction list
Journal entry worksheet
1
Record the entry at the end of 2020 to defer unrealized gross profit.
Note: Enter debits before credits.
Transaction
1
General Journal
Debit
Credit
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