Question Completion Status: 1 2 SL 5 8 9 Save and Submit A Click Submit to complete this assessment. Question 9 Question 9 of 9 0.5 points Save Answer Manama Corporation owns 80% of Ibra Inc.'s common stock that was purchased at its underlying book value. At the time of purchase, the book value and fair value of Ibra's net assets were equal. The two companies report the following information for 2019 and 2020. During 2019, one company sold inventory to the other company for $50,000 which cost the transferor $40,000. As of the end of 2019. 30% of the inventory was unsold. In 2020, the remaining inventory was resold outside the consolidated entity 2019 Selected Data Sales Revenue Cost of Goods Sold Other Expenses Net Income Dividends Paid Manama S600,000 320,000 100.000 $180.000 19,000 Ibra $320,000 155.000 89.000 $76.000 0 2020 Selected Data Manama Ibra Sales Revenue $580.000 $445,000 Cost of Goods Sold 300.000 180,000 Other Expenses 130.000 171.000 Net Income $150.000 $94 000 Dividends Paid 16,000 5.000 If the intra-entity sale mentioned above was an upstream sale, what will be the reported amount of total consolidated sales revenue for 20202 O $1,950,000 O $920,000 O $2,000,000 O $1,025,000 O $1,900,000 Question Completion Status: 1 2 SL 5 8 9 Save and Submit A Click Submit to complete this assessment. Question 9 Question 9 of 9 0.5 points Save Answer Manama Corporation owns 80% of Ibra Inc.'s common stock that was purchased at its underlying book value. At the time of purchase, the book value and fair value of Ibra's net assets were equal. The two companies report the following information for 2019 and 2020. During 2019, one company sold inventory to the other company for $50,000 which cost the transferor $40,000. As of the end of 2019. 30% of the inventory was unsold. In 2020, the remaining inventory was resold outside the consolidated entity 2019 Selected Data Sales Revenue Cost of Goods Sold Other Expenses Net Income Dividends Paid Manama S600,000 320,000 100.000 $180.000 19,000 Ibra $320,000 155.000 89.000 $76.000 0 2020 Selected Data Manama Ibra Sales Revenue $580.000 $445,000 Cost of Goods Sold 300.000 180,000 Other Expenses 130.000 171.000 Net Income $150.000 $94 000 Dividends Paid 16,000 5.000 If the intra-entity sale mentioned above was an upstream sale, what will be the reported amount of total consolidated sales revenue for 20202 O $1,950,000 O $920,000 O $2,000,000 O $1,025,000 O $1,900,000