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Cattle Company sold inventory with a cost of $40000 to its 90%-owned subsidiary

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Question;Cattle Company sold inventory with a cost of $40000 to its 90%-owned subsidiary, Range Corp., for $100000 in 20X1. Range resold $75000 of this inventory for $100000 in 20X1. Based on this information, the amount of inventory reported on the consolidated financial statements at the end of 20X1 is

 

Paper#41510 | Written in 18-Jul-2015

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