Question
Selected information from the separate and consolidated balance sheets and income statements of Power Inc. and its subsidiary, Spin Company, as of December 31, 20X8,
Selected information from the separate and consolidated balance sheets and income statements of Power Inc. and its subsidiary, Spin Company, as of December 31, 20X8, and for the year then ended is as follows: Power Spin Consolidated Balance Sheet Accounts Accounts Receivable $ 26,000 $ 19,000 $ 39,000 Inventory $ 30,000 $ 25,000 $ 52,000 Investment in Spin $ 53,000 Patents $ 20,000 NCI in NA of Spin $ 14,000 Stockholder's Equity $ 154,000 $ 50,000 $ 154,000 Income Statement Accounts Revenues $ 200,000 $ 140,000 $ 308,000 COGS $ 150,000 $ 110,000 $ 231,000 Gross Profit $ 50,000 $ 30,000 $ 77,000 Income from Spin $ 7,400 Amortization of Patents $ 2,000 Net Income $ 33,000 $ 15,000 $ 40,000 How much was the total unrealized profit in 20X8?
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