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Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all...

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Accounting

Summer Company sells all its output at 25 percent above cost. Parade Corporation purchases all its inventory from Summer. Selected information on the operations of the companies over the past three years is as follows:
\table[[,Summer Company,Parade Corporation],[,Sales to Parade,,Inventory,,Operating],[Year,Corporation,Net Income,December 31,Income],[20X2,$217,000,$101,000,$75,950,$161,000
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