Use the Following Information for Questions

question 1

Multiple Choice

Use the following information for questions
During 2010 Ebert Corporation transferred inventory to Holger Corporation and agreed to repurchase the merchandise early in 2011.Holger then used the inventory as collateral to borrow from Norwalk Bank, remitting the proceeds to Ebert.In 2011 when Ebert repurchased the inventory, Holger used the proceeds to repay its bank loan.
-On whose books should the cost of the inventory appear at the December 31, 2010 balance sheet date?

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

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Definitions:

Whitings' Studies

Refers to research done by Beatrice and John Whiting on cultural influences on child development and behavior across different societies.

Prosocial

Referring to behavior that is intended to benefit others, such as helping, sharing, or cooperating.

Cultural Differences

are the variations in the practices, beliefs, and values of different societies and groups.

Bronfenbrenner's Ecological Model

A theoretical model that describes how the complex system of relationships among individuals and their environments affect human development.