Clancy incorporated sold 210000 of its inventory to reid, Financial Accounting

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Clancy incorporated sold 210000 of its inventory to reid

Clancy Incorporated, sold $210,000 of its inventory to Reid Company during 2011 for $350,000. Reid sold $224,000 of this merchandise in 2011 with the remainder to be disposed of during 2012. Assume Clancy owns 30% of Reid and applies the equity method.

Prepare any journal entry (ies) necessary regarding the above.

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Financial Accounting: Clancy incorporated sold 210000 of its inventory to reid

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