A) $193,000.
B) $189,000.
C) $196,000.
D) $201,000.
E) $144,000.
Answer: C
Learning Objective: 07-01
Topic: Consolidation―Grandfather-Father-Son
Difficulty: 2 Medium
Blooms: Apply
AACSB: Knowledge Application
AICPA: BB Critical Thinking
AICPA: FN Measurement
Feedback: Separate net income ($280,000) – intra-entity gross profit to be deferred ($84,000) = Accrual-based netincome $196,000
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