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Inventory held at the end of one year is sold at the beginning of the next. Soupy reports net income of $ 1 1 0

Inventory held at the end of one year is sold at the beginning of the next. Soupy reports net income of $110,000 in the first year and $150,000 in the second year while paying $50,000 in dividends each year. What should Emmy Company report as Equity in Soupys Income at the end of the second year?

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