P Corporation acquired a 60% interest in S Corporation on January 1, 2017, at book value equal
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Question:
P Corporation acquired a 60% interest in S Corporation on January 1, 2017, at book value equal to fair value. During 2017, P sold merchandise that cost $135,000 to S for $189,000. One-third of this merchandise remained in S's inventory at December 31, 2017. S reported net income of $200,000 for 2017. P's income from S for 2017 is:
Select one:
A. $102,000.
B. $60,000.
C. $90,000.
D. $120,000.
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