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Business, 30.09.2021 03:00 maronetham6253

On January 31, 2005, the unadjusted credit balance of the Allowance for Overvaluation of Inventories: Vermont Avenue Branch of the home office of Searl Company was $80,000. The branch reported a net income of $60,000 for January 2005 and an ending inventory on January 31, 2005, of $81,000, at billed prices that included a markup of 50% on home of- fice cost. Prepare journal entries (omit explanations) for the home office of Searl Company on January 31, 2005, for the foregoing facts.

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On January 31, 2005, the unadjusted credit balance of the Allowance for Overvaluation of Inventories...
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