An Item Selling for $1681 Is Marked Down 10% for a Special

question 58

Multiple Choice

An item selling for $1681 is marked down 10% for a special promotion. It is later marked down 40% of the sale price. Because it still hasn't been sold, it is marked down an additional 20%. What is the final selling price of the item?

• A) $504.30
• B) $726.19
• C) $1611.00
• D) $420.25

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Definitions:

Statutory Amalgamation

A process by which two or more companies legally consolidate into a single entity by statute, rather than by merging their assets and liabilities.

Business Combination

A transaction or event in which an acquirer obtains control of one or more businesses, usually involving the exchange of equity interests or cash.

Equity Method

An accounting technique used by a company to record its investment in another company based on the change in net assets of the investee, reflecting the investor's share of the earnings or losses.

Fair Market Value

The price at which a willing buyer and willing seller would transact, with neither being under any compulsion to buy or sell.