Aceton Corporation owns 80 percent of the outstanding stock of Voctax, Inc. During the current year, Voctax made $140,000 in sales to Aceton. How does this transfer affect the consolidated statement of cash flows?

a) The transaction should be included if payment has been made

b) Only 80 percent of the transfers should be included because the subsidary made the sales

c) Because the transfers were from a subsidary organization, the cash flows are reported as investing activities

d) Because of the intra-entity nature of the transfers, the amount is not reported in the consolidated cash flow statement.