Business, 09.12.2019 21:31 UratazZ

Pisa company acquired 75 percent of siena company on january 1, 2003 at book value. during 2003, siena purchased inventory for $35,000 and sold it to pisa for $50,000. of this amount, pisa reported $20,000 in ending inventory in 2003 and later sold it in 2004. in 2004, pisa sold inventory it had purchased for $40,000 to siena for $60,000. siena sold $45,000 of this inventory in 2004. in 2004, pisa reported stand-alone income of $760,000 and siena reported total net income of $105,000.

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Pisa company acquired 75 percent of siena company on january 1, 2003 at book value. during 2003, sie...

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