EBK ADVANCED FINANCIAL ACCOUNTING
EBK ADVANCED FINANCIAL ACCOUNTING
12th Edition
ISBN: 9781260165104
Author: Christensen
Publisher: YUZU
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Chapter 7, Problem 7.29P
To determine

Intercompany transfer of service:An intercompany frequently purchases services from each other. These services may be of many types; such as consultation services, marketing services, engineering and maintenance services, etc. When one company purchases services from a related company, the purchaser records it as an expense and seller records it as revenue. When consolidated financial statement is prepared, both expense and revenue is eliminated.

Presentation of consolidation entries needed at December 31 20X4 and 20X5 to prepare P’s consolidated financial statements.

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EBK ADVANCED FINANCIAL ACCOUNTING

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