REFERENCE: Ref.07_18 
Patton's operating income excludes income from the investment in Stevens,but includes $150,000 of unrealized gains on intercompany transfers of inventory.Patton uses the initial value method to account for the investment in Stevens.
-Assume Patton owns 90 percent of the voting stock of Stevens and files a consolidated income tax return.What amount of income taxes would be paid?
Definitions:
Debt Ratio
A financial metric that measures the proportion of a company's total debt to its total assets, indicating the degree of leverage and financial risk.
Total Debts
The cumulative amount of all debts and liabilities a company or individual owes.
Total Assets
The sum of all owned resources (current and non-current assets) that a company possesses, which can be found on its balance sheet.
Assets Turnover
A financial ratio that measures the efficiency with which a company uses its assets to generate sales.
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