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What should be recorded as consolidated revenues by Z Inc

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Question - Z Inc. acquired 75% of the outstanding voting common stock of Y Inc. on January 1, 2016, for $350,00. At the end of 2016, Z Inc. reported revenues of $300,000 and Y Inc. reported revenues of $210,000.

During 2016, Z Inc. sold inventory for $75,000 to Y Inc. which has paid only half of this purchase till the end of 2016. Also, 60% of these goods are still in Y Inc.'s warehouse.

What should be recorded as consolidated revenues for 2016 by Z Inc.?

Reference no: EM133039158

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