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Question - The following records were taken from the books of the TIWALALANG Company and its branch on December 31, 2016:
HO Books
Branch Books
Sales
920,000
2,000,000
Shipments to branch
1,200,000
Beginning inventory
192,000
128,000
Purchases
1,880,000
480,000
Shipments from home office
1,500,000
Allowance for overvaluation
316,000
Ending inventory
224,000
165,600
Expenses
243,000
138,000
Required -
1. How much is the net income of the branch presented in the combined financial statements?
2. How much is the combined net income?
3. How much is the ending balance of Allowance for overvaluation of branch inventory account?
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