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The accrual-based net income of Jade Co. is calculated to be

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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Written by Homework Lance

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