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Why must the gross profit on the sale be deferred when

Question - During 20x1, Easy Co. sold inventory to its parent company, Flower Corp. Flower still owned all of the inventory at the end of 20x1. Why must the gross profit on the sale be deferred when consolidated financial statements are prepared at the end of 20x1?

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Accounting Basics: Why must the gross profit on the sale be deferred when

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