Strayten Corp.is a wholly owned subsidiary of Quint Inc.Quint decided to use the initial value method to account for this investment.During 2018, Strayten sold Quint goods, which had cost $48,000.The selling price was $64,000.Quint still had one-eighth of the goods purchased from Strayten on hand at the end of 2018.
Required:
Prepare Consolidation Entry *G, which would have to be recorded at the end of 2019.

Question

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The Answer of Strayten Corp.is a wholly owned subsidiary of Quint Inc.Quint decided to use the initial value method to account for this investment.During 2018, Strayten sold Quint goods, which had cost $48,000.The selling price was $64,000.Quint still had one-eighth of the goods purchased from Strayten on hand at the end of 2018.
Required:
Prepare Consolidation Entry *G, which would have to be recorded at the end of 2019.