Kordel Inc. acquired 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?© BrainMass Inc. brainmass.com June 4, 2020, 3:25 am ad1c9bdddf
Raxston Corp has a payable for inventory of $500,000. Kordel has ...
Tutorial shows the eliminating entry and the reasons that debt is reduced and by what amount.