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The Pol Company purchased all the shares of the Sol Company on January 1 of year 1 for $ 2,000,000. During that year Pol sold
The Pol Company purchased all the shares of the Sol Company on January 1 of year 1 for $ 2,000,000. During that year Pol sold Sol for $ 50,000, inventory that had cost him $ 40,000. At the end of the period, Sol had already sold all the inventory to outsiders, but he still owed the $ 50,000 to Pol. At the end of the year, Pol has a total of current assets of $ 700,000 and Sol of $ 150,000. What should be the total of current assets presented in the consolidated statement of position? $ 850,000
$ 900,000
$ 800,000
$ 700,000
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