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in this lesson well learn to eliminate the effects of an inter-company sale of inventory inter-company transactions between a parent and a subsidiary are fine when they are two separate entities with separate financial records but once parent and subsidiary consolidate and become one economic entity then youre effectively selling to yourself and that is not a legitimate transaction so we have to eliminate all intercompany transactions just remember our goal in eliminating intercompany transactions is to put everything back as if the intercompany transaction never happened there should be no trace of any intercompany transactions left on our books with that in mind lets go to the board start with the question prepare peas eliminating journal entries required for consolidation for the year ended december 31st year 3 they want december 31st year 3 journal entries make a note on your board we know from the question that penn has consolidated financials which means there is a parent and
