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(Solved by Expert Tutors) "Refer to the proceeding facts for Panther's acquisition of Spider commo


held merchandise acquired from Spider for $8000. This beginning inventory had an applicable gross profit of 25%. During 20X2, Spider sold $30,000 worth of merchandise to Panther. Panther held $6000 of this merchandise at December 31, 20X2. This ending inventory had an applicable gross profit of 30%. Panther owed Spider $6000 on December 31 as a result of these intercompany sales.complete a consolidated worksheet for panther corporation and its subsidiary spider corporation as of December 31, 20x1. prepare supporting amortization and income distribution schedules.

 


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Apr 19, 2020

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