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What amount of total liabilities should be reported

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Question - Krane Inc. owns 70% of Short Co.'s outstanding common stock. Krane's liabilities total $450,000, and Short's liabilities total $200,000. Included in Short's financial statements is a $100,000 note payable to Krane. What amount of total liabilities should be reported in the consolidated financial statements? Show all work.

Reference no: EM132042797

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