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P Corporation acquired a 60% interest in S Corporation on January 1, 2011, at book value equal to fair value. During 2011, P sold merchandise that cost $135,000 to S for $189,000. One-third of this merchandise remained in S's inventory at December 31, 2011. S reported net income of $120,000 for 2011. what is the P's income from S for 2011 ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M991005

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