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Question - Early Company owns 100 percent of the outstanding shares of Late. During the current year, Early sold inventory costing $90,000 to Late for $100,000. Although this inventory has now been sold to an outside party, Late has not repaid Early. At the balance sheet date, Early has total current assets of $800,000 whereas Late has total current assets of $500,000. Assume that there were no allocations established at the date of acquisition. What is the total amount reported on the consolidated balance sheet for current assets?
A) $1,190,000
B) $1,200,000
C) $1,210,000
D) $1,300,000
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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