Clark Co.had the following transactions with affiliated parties during 20X1:
-Sales of $60,000 to Dean,Inc.,with $20,000 gross profit.Dean had $15,000 of this inventory on hand at year end.Clark owns a 15% interest in Dean and does not exert significant influence.
-Purchases of raw materials totaling $240,000 from Kent Corp.,a wholly-owned subsidiary.Kent's gross profit on the sale was $48,000.Clark had $60,000 of this inventory remaining on December 31,20X1.
Before consolidating entries,Clark had consolidated current assets of $320,000.What amount should Clark report in its December 31,20X1,consolidated balance sheet for current assets?

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The Answer of Clark Co.had the following transactions with affiliated parties during 20X1:
-Sales of $60,000 to Dean,Inc.,with $20,000 gross profit.Dean had $15,000 of this inventory on hand at year end.Clark owns a 15% interest in Dean and does not exert significant influence.
-Purchases of raw materials totaling $240,000 from Kent Corp.,a wholly-owned subsidiary.Kent's gross profit on the sale was $48,000.Clark had $60,000 of this inventory remaining on December 31,20X1.
Before consolidating entries,Clark had consolidated current assets of $320,000.What amount should Clark report in its December 31,20X1,consolidated balance sheet for current assets?

Clark CoHad the Following Transactions with Affiliated Parties During 20X1