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Pilfer Company acquired 90 percent ownership of Scrooge Corporation in 207, at underlying book value. On that date, the falr value of noncontrolling interest was
Pilfer Company acquired 90 percent ownership of Scrooge Corporation in 207, at underlying book value. On that date, the falr value of noncontrolling interest was equal to 10 percent of the book value of Scrooge Corporation. Pilfer purchased imventory from 5scrooge for $90,000 cn August 20,208, and resold 70 percent of the inventory to unatfiliated companies on December 1, 20X8, for $100,000. Scrooge produced the inventory sold to Pilfer for $57,000. The companies had no other transactions during 20X8. Based on the information given above, what amount of sales will be reported in the 208 consolidated income statement? $100,000 $90,000 $57,000 $120.000
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