Daniels Inc

question 46

Multiple Choice

Daniels Inc. acquired 85% of the outstanding common stock of Noyce Corp.in 2021. Noyce currently owes Daniels $400,000 for inventory acquired during 2022. In preparing consolidated financial statements for 2022, what amount of Noyce's liability should be eliminated?

• A) $0.
• B) $60,000.
• C) $300,000.
• D) $340,000.
• E) $400,000.

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