T Company owns 1 00 percent of C Company. The following are accounts from the bal- ance sheets and income statements of both companies:

What would be the combined amount of each of the above accounts on the consolidated financial statements assuming the following additional information: (1) C Company sold to T Company merchandise at cost in the amount of $270,000; (2) T Com- pany sold all the merchandise it bought from C Company to customers, but it still owes C Company $60,000 for the merchandise.  LO1

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T Company C Company Accounts Accounts Payable Receivable $230,000 $150,000 180,000 90,000 Sales 1,200,000 890,000 Cost of Goods Sold 710,000 540,000