Penn owns 90% of Senn. During 20X2, Penn sold goods with a 2…
Penn owns 90% of Senn. During 20X2, Penn sold goods with a 20% gross profit to Senn. Senn sold all of these goods in 20X2. For 20X2 consolidated financial statements, how should the summation of Penn’s and Senn’s income-statement items be adjusted?