Question: Upstream and Downstream Workpaper, Comprehensive Problem, Cost Method LO 6 On January 1, 2017, Perry Company purchased 80% of Selby Company for $990,000. At that

Upstream and Downstream Workpaper, Comprehensive Problem, Cost Method LO 6 On January 1, 2017, Perry Company purchased 80% of Selby Company for $990,000. At that time Selby had capital stock outstanding of $350,000 and retained earnings of $375,000. The fair value of Selby Company's assets and liabilities is equal to their book value except for the following: (below) Onehalf of the inventory was sold in 2017, the remainder was sold in 2018. At the end

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