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on january 1, 2020, abbey acquires 90 percent of benjamin's outstanding shares. financial information for...

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Accounting

On January 1, 2020, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years of 2020 and 2021 follows: 2020 2021 Abbey Company: Sales $ (823,000 ) $ (1,122,000) Operating expenses 584,000 698,000 Intra-entity gross profits in ending inventory (included in above figures) (202,000 ) (234,000) Dividend incomeBenjamin Company (18,000 ) (36,000) Benjamin Company: Sales (265,000 ) (349,000) Operating expenses 165,000 199,000 Dividends paid (20,000 ) (40,000

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