Boomerang corporation, a new zealand corporation, is owned by the following unrelated persons: 40 percent by a u. s. corporation, 15 percent by a u. s. individual, and 45 percent by an australian corporation. during the year, boomerang earned $5,800,000 of subpart f income. which of the following statements is true about the application of subpart f to the income earned by boomerang?

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be: