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Large Company owns 80 per cent of the issued capital of Smaller Company and Large Company owns 60 per cent of the issued capital of
Large Company owns 80 per cent of the issued capital of Smaller Company and Large Company owns 60 per cent of the issued capital of Medium Company. The three companies form an economic entity for the purposes of consolidated accounts. During the period Smaller Company sold inventory to Medium for $400 000. Medium sold the same inventory to Large for $560 000 and Large sold it to an entity external to the group for $760 000. What is the sales revenue reported in the consolidated statements for this item?
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