Tower Inc.owns 30% of Yale Co.and applies the equity method.During the current year, Tower bought inventory costing $66,000 and then sold it to Yale for $120,000.At year-end, only $24,000 of merchandise was still being held by Yale.What amount of intra-entity gross profit must be deferred by Tower?

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The Answer of Tower Inc.owns 30% of Yale Co.and applies the equity method.During the current year, Tower bought inventory costing $66,000 and then sold it to Yale for $120,000.At year-end, only $24,000 of merchandise was still being held by Yale.What amount of intra-entity gross profit must be deferred by Tower?

Tower IncOwns 30% of Yale Co