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Homework answers / question archive / Selected data for two subsidiaries of Dunn Corporation taken from the December 31, 2018, preclosing trial balances are as follows: Banks Co
Selected data for two subsidiaries of Dunn Corporation taken from the December 31, 2018, preclosing trial balances are as follows:
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Banks Co. |
Lamm Co. |
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Shipments to Banks |
— |
$ 150,000 |
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Shipments from Lamm |
$ 200,000 |
— |
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Intercompany Inventory Profit on Total Shipments |
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50,000 |
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Additional data relating to the December 31, 2018, inventory are as follows: |
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Inventory acquired by Banks from outside parties |
$ 175,000 |
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Inventory acquired by Lamm from outside parties |
250,000 |
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Inventory acquired by Banks from Lamm |
60,000 |
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At December 31, 2018, the inventory reported on the combined balance sheet of the two subsidiaries should be: |
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