Accounting On January 1, Year 4. Grant Corporation bought

Accounting On January 1, Year 4. Grant Corporation bought 8,000 (80%) of the outstanding common shares of Lee Company for $70,000 cash. BALANCE SHEETS At December 31, Year 7 Grant LOD Assets Cash Accounts receivable Inventory Investment in Lee Equipment, net PaINCOME STATEMENT Year ended December 31, Year 7 Grant Sales $ 900,000 Cost of goods sold (340,000) Gross margin 560,000 Distr

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