Platek Enterprises Is 100% Owned by Cory Industries $\begin{array}{lcc}\text { Accounts layable, Platek } & 5,000 & \\\text { Accounts Receivable, Cory } & & 5,000\\\end{array}$

Platek Enterprises is 100% owned by Cory Industries.On December 30,2X13,Platek sold inventory,costing $3,500 on account to Cory for $5,000.Platek uses a perpetual inventory system.What consolidation journal entry,if any,is needed on December 31,2X13,as a result of this transaction?

A) $\begin{array}{lcc}\text { Accounts layable, Platek } & 5,000 & \\\text { Accounts Receivable, Cory } & & 5,000\\\end{array}$

B) $\begin{array}{lcc}\text { Accounts layable, Platek } & 5,000 & \\\text { Accounts Receivable, Cory } & & 5,000\\\text { Accounts Recervable, Cory } & 1,500 & \\\text { Retained Earnings, Platek } & & 1,500\\\end{array}$

C) $\begin{array}{lcc}\text { Accounts Payable, Cory } & 5,000 & \\\text { Accounts Receivable, Platek } & & 5,000\\\text { Sales, Platek } & 5,000 & \\\text { Cost of Sales, Platek } & & 3,500\\\text { Inventory, Cory} & & 1,500\\\end{array}$

D) $\begin{array}{lcc}\text { Retained Earnings, Platek} & 1,500 & \\\text { Inventory, Platek } & & 1,500\\\end{array}$


E) No journal entry is necessary.