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Manam Corporation owns 80% of Ibra Inc.'s common stock that was...

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Accounting

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Manam Corporation owns 80% of Ibra Inc.'s common stock that was purchased at its widerlying book valse. At the time of purchase the book value and fair value of That's net assets were equal. The two companies report the following information for 2019 and 2020 During 2019, one company sold inventory to the other company for $50,000 which cost the transferor 40.000. As of the end of 2019.30% of the invity was told to 2020, the remaining inventory was resold outside the consolidated entity 2019 Selected Data Manama Sales Revenue S600.000 $320,000 Cost of Goods Sold 320,000 155.000 Other Expenses 100.000 89.000 Net Income $180.000 $76.000 Dividends Paid 19.000 0 2020 Selected Data Manama Ibra Sales Revenue S550.000 5445.000 Cost of Goods Sold 300.000 180000 Other Expenses 130.000 171 000 Net Income $150.000 $94.000 Dividends Paid 16.000 3.000 If the sale referred to above was a destramaleby what amount must forventory on the consolidated balance sheet be reduced to reflect the correct lease of the end of 2019 SO 1.000 57.000 514000

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