Jordan, Inc., holds 75 percent of the outstanding stock of Paxson Corporation. Paxson currently owes Jordan $400,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated

$300,000

Explanation:

When preparing consolidated financial statements, the common items between the parent and the subsidiary have to be eliminated.

Jordan, Inc is the parent since its exercising control of Paxson Corporation through its 75% voting rights.

The elimination journal will be as follows :

Accounts Payables -  Paxson $300,000 (debit)

Accounts Receivables - Jordan, Inc $ 300,000 (credit)

Conclusion :

Therefore, $300,000 f this debt should be eliminated.

the correct answer is:

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