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You are a Pickup c. acquired 78% of the outstanding voting common stock of Taken Inc. on January 1, 2020 for $450,050. At the end of 2020, Pickup Inc. reported revenues of $310,000 and Taken Inc. reported revenues of $280,000. During 2020, Pickup Inc. sold inventory for $78,000 to Taken Inc., which has paid only half of this purchase till the end of 2020. Also, 65% of these goods are still in Pickup Inc.'s warehouse. What should be recorded as consolidated revenues for 2016 by Pickup Inc.? a. $539,300 b. $533,900 c. $640,700 d. $540,300

You are a Pickup c. acquired 78% of the outstanding voting common stock of Taken Inc. on January 1, 2020 for $450,050. At the end of 2020, Pickup Inc. reported revenues of $310,000 and Taken Inc. reported revenues of $280,000. During 2020, Pickup Inc. sold inventory for $78,000 to Taken Inc., which has paid only half of this purchase till the end of 2020. Also, 65% of these goods are still in Pickup Inc.'s warehouse. What should be recorded as consolidated revenues for 2016 by Pickup Inc.? a. $539,300 b. $533,900 c. $640,700 d. $540,300

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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< Note You are atempting question 96 Pickup c. acquired 78% of the outstanding voting common stock of Taken Inc. on January 1, 2020/ for $450,050. At the end of 2020, Pickup Inc. reported revenues of $310,000 and Taken Inc. reported revenues of $280,000. During 2020, Pickup Inc. sold inventory for $78,000 to Taken Inc., which has paid only half of this purchase till the end of 2020. Also, 65% of these goods are still in Pickup Inc.'s warehouse. What should be recorded as consolidated revenues for 2016 by Pickup Inc.? a. $539.300 b. $533.900 c. $640.700 d. $540,300 Answer B Submit
Transcribed Image Text:< Note You are atempting question 96 Pickup c. acquired 78% of the outstanding voting common stock of Taken Inc. on January 1, 2020/ for $450,050. At the end of 2020, Pickup Inc. reported revenues of $310,000 and Taken Inc. reported revenues of $280,000. During 2020, Pickup Inc. sold inventory for $78,000 to Taken Inc., which has paid only half of this purchase till the end of 2020. Also, 65% of these goods are still in Pickup Inc.'s warehouse. What should be recorded as consolidated revenues for 2016 by Pickup Inc.? a. $539.300 b. $533.900 c. $640.700 d. $540,300 Answer B Submit
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