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Timothy, Inc., owns 80% of Silver Co.'s outstanding common stock. Timothy's liabilities total $500,000, and Silver's liabilities total $120,000. Included in Silver's financial statements is
Timothy, Inc., owns 80% of Silver Co.'s outstanding common stock. Timothy's liabilities total $500,000, and Silver's liabilities total $120,000. Included in Silver's financial statements is a $80;000 note payable to Timothy. What amount of total iabilities should be reported in the consolidated financial statements? Choices: $500,000. $596,000. $536,000. $540,000.
Choices:
$500,000.
$596,000.
$536,000.
$540,000.
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