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P owns 80% of S. During 2020, S sold goods that cost $150,000 to P for $240.000. One-third of these goods remained in P's inventory
P owns 80% of S. During 2020, S sold goods that cost $150,000 to P for $240.000. One-third of these goods remained in P's inventory at December 31, 2020 S reported net income of $500,000 for 2020.
P's income from S for 2020 is:
a) $410.000
b) $376.000
c) $470.000
d) $400.000
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