Peter Company acquired 75 percent of Sally Company on January 1, 2019 for $712,500. During 2019, Sally purchased inventory for $35,000 and sold it to Peter for $50,000. Of this amount, Peter reported $20,000 in ending inventory in 2019 and later sold it in 2020. In 2020, Peter sold inventory it had purchased for $40,000 to Sally for $60,000. Sally sold $45,000 of this inventory in 2020. Required Prepare any necessary equity method entry(ies) on the books of Peter during 2019 made necessary by the above noted purchases of inventory.

Journal entry to eliminate Sale to Peter Company

Debit : Sales Revenue (Sally Company ) $50,000

Credit : Cost of Sales (Peter Company) $50,000

Explanation:

Peter Company and Sally Company are in a group and Peter Company is the Parent whilst Sally Company is the subsidiary.

For 2019 Eliminate an Intragroup Transactions that occur between Peter Company and Sally Company.

the correct answer is:

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the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.

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