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Question - During the current year, Park Corp. recorded $368,000 of sales of inventory to Small Co., its wholly-owned subsidiary, on the same terms as sales made to third parties. At December 31, Small held one-fifth of these goods in its inventory. The following information pertains to Park's and Small's sales for the year:
Park
Small
Sales
$2,000,000
$1,400,000
Cost of goods sold
767,000
700,000
Required - In its consolidated income statement, what amount should Park report as cost of goods sold?
Which usual ordering of accounts in the general ledger is? liabilities, assets, shareholders' equity, revenues, and expenses. / assets, liabilities
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