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Sweets and Treats Inc. has chosen your firm to be the auditor of a company which was formed on October 15, 2016. Mrs. Cadbury owns 70% of the voting shares of Sweets and Treats Inc. and her husband owns the remaining 30%. On October 31, 2016, Sweets and Treats Inc. acquired all of the voting shares of Hershey Inc., a company which was founded by Mrs. Cadbury's husband four years ago. Hershey Inc. will sell chocolate molding equipment supplies to Sweets and Treats Inc. at a gross profit of 25%. In a meeting with Mrs. Cadbury, she asks your audit partner the following questions.
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