A working paper elimination to remove an intercompany profit or gain is not relevant for an intercompany:

Question

Quizplus · Accepted Answer

Intercompany profits or gains need to be eliminated to prevent overstatement of revenues and assets when consolidated financial statements are prepared. This is relevant for intercompany sales of merchandise, plant assets, intangible assets, and sales-type/capital leases because they involve transactions that could affect the income statement and balance sheet. However, the acquisition of an affiliate's outstanding bonds payable in the open market does not involve a sale or transfer of goods or services between the companies, but rather a financial transaction affecting the debt structure, which does not require the same type of elimination of profit or gain.

A Working Paper Elimination to Remove an Intercompany Profit or Gain