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Question - Senior Company owns 100 percent of the outstanding shares of Junior. During the current year, Senior sold inventory costing $90,000 to Junior for $100,000. Junior has resold all of this merchandise to outside parties by the last day of the year. For the year, Senior reported cost of goods sold of $600,000 and Junior reported cost of goods sold of $500,000. What is the total amount reported on the consolidated income statement for cost of goods sold?
A) $1,000,000
B) $1,010,000
C) $1,090,000
D) $1,100,000
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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