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I need the solution and the answer of this question. I am in a hurry, so quick response will be appreciated. Thank you! In 2021,
I need the solution and the answer of this question. I am in a hurry, so quick response will be appreciated. Thank you!
In 2021, Port Co. had sales of $410,000 to Starboard Co. and earned a gross profit of $230,000 on the sales. Starboard was holding all of this inventory in their Dec 31, 2021 ending inventory. Port owns 75% of Starboard. Port's tax rate is 41%, Starboard's tax rate is 30%. What is the total DIT asset that must be recorded for consolidation purposes for the year ended December 31, 2021 as a result of this inter-company transaction? YourStep by Step Solution
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