_____ In 2005, Punco sold inventory costing $60,000 to its 100%-owned subsidiary, Sunco, for $100,000. At 12/31/05, $20,000 of this inventory was reported in Sunco's balance sheet. In 2006, Sunco resold this inventory for $30,000. What is the unrealized intercompany profit at 12/31/05?
A) $8,000
B) $10,000
C) $20,000
D) $30,000
E) None of the above.
Correct Answer:
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