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During 2012 Carne Corporation transferred inventory to Nolan Corporation and agreed to repurchase the merchandise early in 2013. Nolan then used the inventory as collateral to borrow from Norwalk Bank, remitting the proceeds to Carne. In 2013 when Carne repurchased the inventory, Nolan used the proceeds to repay its bank loan.what this transaction is known as?On whose books should the cost of the inventory appear at the December 31, 2012 balance sheet date?

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Accounting Basics, Accounting

Category:- Accounting Basics
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