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Jeremy Corporation, a 90%-owned subsidiary of Pagliaro Corporation, sold inventory items to its parent at $12,000 profit in 2003. Pagliaro resold one-third of this inventory to outside entities. Jeremy reported net income of $50,000 for 2003. Non-controlling interest income that will appear in the consolidated income statement for 2003 is:
A-$4,200
B-$4,600
C-$5,000
D-$5,400
the company is large, she is only requisitioning a small amount of material compared to total company operations and she does have documentation of the cost.
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While examining cash receipts information, the accounting department determined the following information: opening cash balance $178.24, cash on hand $1,134.46, and cash sales per register tape $1,156.35.
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