Corporate Accounting

Question 1                                                                                                                                       (7 marks) Sweeny Corporation owns 60 per cent of Bitner Company’s shares. Partial 20X2 financial data for the companies and consolidated entity were as follows: On January 1, 20X2, Sweeny’s inventory contained items purchased from Bitner for $75,000. The cost of the units to Bitner was $50,000. Bitner made all intercorporate sales during…...