BE5.18 (LO 8) AP Prepare journal entries to record the following

BE5.18 (LO 8) AP Prepare journal entries to record the following sales transactions in Trig Company’s books. Trig uses a perpetual inventory system and the contract-based approach to revenue recognition. Management estimates that 10% of sales will be returned by customers within the 10-day return period. Feb. 2 Trig sold $16,000 of merchandise to Kotter…

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On January 1, 20X7, Pepper Company acquired 90 percent of the

On January 1, 20X7, Pepper Company acquired 90 percent of the outstanding common stock ofSalt Corporation for $1,242,000. On that date, the fair value of noncontrolling interest was equalto $138,000. The entire differential was related to land held by Salt. At the date of acquisition,Salt had common stock outstanding of $520,000, additional paid-in capital of…

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