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A home office shipped inventory to its branch at a mark-up of 125% above cost. The required balance of the contra branch current account is
A home office shipped inventory to its branch at a mark-up of 125% above cost. The required balance of the contra branch current account is P118, 125. During the year, the home office sent merchandise to the branch costing P1,170,000. at the start of the year, the branch's balance sheet shows P427,500 of inventory on hand that was acquired from the home office. provide solution
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