Business, 13.11.2019 21:31 olivia0420

Clark company had the following transactions with affiliated parties during 20x2: sales of $60,000 to dean inc., with $20,000 gross profit. dean had $15,000 of this inventory on hand at year-end. clark owns a 15 percent interest in dean and does not exert significant influence. purchases of raw materials totaling $240,000 from kent corporation, a wholly owned subsidiary. kent’s gross profit on the sales was $48,000. clark had $60,000 of this inventory remaining on december 31, 20x2. before consolidation entries, clark had consolidated current assets of $320,000. what amount should clark report in its december 31, 20x2, consolidated balance sheet for current assets?
a. $320,000.
b. $317,000.
c. $308,000.
d. $303,000.

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Clark company had the following transactions with affiliated parties during 20x2: sales of $60,000...