X Company owns 100 percent of Y Company. The following are accounts from the balance sheets and income statements of both companies:

What would be the combined amount of each of the above accounts on the consolidated financial statements assuming the following additional information? (1) Y Company sold to X Company merchandise at cost in the amount of $270,000; (2) X Company sold all the merchandise it bought from Y Company to customers, but it still owes Y Company $60,000 for the merchandise.

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X Company $ 230,000 180,000 Y Company Accounts reccivable Accounts payable Sales Cost of goods sold $150,000 90,000 1,200,000 890,000 540,000 710,000