Beetle Bailey acquired 80% of the outstanding common stock of Sarge Corp. Sarge currently owes...
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Accounting
Beetle Bailey acquired 80% of the outstanding common stock of Sarge Corp. Sarge currently owes Beetle Bailey $750,000 for inventory acquired over the past few months. 50% of that inventory is still owned by Sarge Corp. at the end of the year. In preparing consolidated financial statements, what amount of Sarge Corp.'s liability should be eliminated?
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