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Mr. Gregory White
Mr. Gregory White, Master's Degree
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Experience:  M.A., M.S. Education / Educational Administration
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Petersen owns 80% of Seavoss, acquired several years ago at

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Petersen owns 80% of Seavoss, acquired several years ago at a price equal to book value. Petersen and Seavoss sell merchandise to each other. For 2018, unconfirmed profits in inventories are as follows:
Beginning Inventory Ending Inventory
Petersen $20,000 $25,000
Seavoss $10,000 $8,000
Total upstream sales i 2018 were $400,000; downstream sales were $600,000. Seavoss' reported income for 2018 was $100,000.
a.) Prepare the necessary consolidation working paper eliminations for 2018.
b.) Calculate Petersen's equity in net income for 2018 and the noncontrolling interest in net income for 2018.
Submitted: 7 months ago.
Category: Single Problem
Expert:  Mr. Gregory White replied 7 months ago.
My name is***** will do whatever I can to answer your questions. CLICK HERE for the resource on this prompt. Be sure to rate my response positively, when satisfied, so I receive credit for my help today. ********** Thanks and have a wonderful rest of the week! Greg

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