BU457 Lecture Notes - Lecture 11: Deferred Tax, Deferred Income, Retained Earnings

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Xxx (this restores inventory to its original cost: elimination entry for prepaid tax on the unrealized profit: Opening inventory sub selling @ profit: intercompany inventory profit upstream transaction . Closing inventory sub selling @ profit: xxx. Note: for cogs add back ei subtract bi opposite for. Note: subtract ei, add bi remove ei from inventory by inc. Cogs (expense: calculation of consolidated retained earnings: * or bi if beginning re: calculation of nci: Year 1 are now done in year 2: example: originally (+) to cogs for inventory now it is a ( ) to cogs, nci"s share of the subsidiary"s ni is based on the adjusted. Inventory from intercompany on books: write down of inventory = inventory cost nrv reported a lower of cost and nrv. Original holdback of profit: if a gain of is recognized on an intercompany sale of land with 40% tax rate () the following are the elimination entries:

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