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1. Spoke Ltd paid management fees of $18,000 to Wheel Ltd and Wheel Ltd paid $13,000 to Spoke Ltd for road testing services during the period. 2. Wheel Ltd sold inventory originally costing $40,000 to Spoke Ltd for $60,000. Spoke Ltd then sold 3/4 of this inventory for $50,000 to external parties. 3. For the inventory transactions, consolidation entries were made to eliminate the intercompany sales and cost of goods sold, recognize $5,000 of unrealized profit, and record a $1,500 deferred tax asset for

Author

Sze Christieny

Language

EN