Use the Following Information for Questions

question 97

Multiple Choice

Use the following information for questions
During 2007 Foley Corporation transferred inventory to Kline Corporation and agreed to repurchase the merchandise early in 2008.Kline then used the inventory as collateral to borrow from Norwalk Bank, remitting the proceeds to Foley.In 2008 when Foley repurchased the inventory, Kline used the proceeds to repay its bank loan.
-On whose books should the cost of the inventory appear at the December 31, 2007 balance sheet date?

• A)Foley Corporation
• B)Kline Corporation
• C)Norwalk Bank
• D)Kline Corporation, with Foley making appropriate note disclosure of the transaction

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Definitions:

Neuron's Cell Body

The section of a neuron that houses the nucleus and plays a critical role in sustaining the cell's life.

Dendrites

Branch-like extensions of neurons that receive signals from other nerve cells and transmit them toward the cell body.

Neuron's Cell Body

The part of a neuron that contains the nucleus and is responsible for maintaining the life of the cell.

Neurotransmitters

Chemical substances in the brain that transmit signals from one nerve cell to another, influencing a wide range of bodily and mental functions.