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EW Corporation, based in Sydney, Australia, has a wholly owned subsidiary in Taiwan. The Taiwanese...

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Accounting

EW Corporation, based in Sydney, Australia, has a wholly owned subsidiary in Taiwan. The Taiwanese subsidiary manufactures bicycles at a cost of $20 per unit and sells the bicycles to NEW Corp at an FOB shipping point price of $100 each. NEW pays shipping costs of $10 per bicycle and an import duty of 10 percent on the $100 invoice price. NEW sells the bicycles in Australia for $200 each. The Australian tax authority discovers that NEW

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