Solved: Rome inc owns 30 of amber co and applies the equity method, Accounting Basics

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Rome inc owns 30 of amber co and applies the equity method

Question - Rome Inc. owns 30% of Amber Co. and applies the equity method. During the current year, Rome bought inventory costing $66,000 and then sold it to Amber for $120,000. At year-end, only $24,000 of merchandise was still being held by Amber.

What amount of intercompany inventory profit must be deferred by Rome?

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Accounting Basics: Rome inc owns 30 of amber co and applies the equity method

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Accounting Basics: Rome inc owns 30 of amber co and applies the equity method

Reference No:- TGS02416785

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