A contract
a. can never be implied from the actions of the parties.
b. must contain consideration.
c. cannot be terminated.
d. must be in writing
B
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Fill in the blank(s) with the appropriate word(s).
Which of the following is true of the "order to pay" requirement of a negotiable instrument?
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Gargiulo Company, a 90% owned subsidiary of Posito Corporation, transfers inventory to Posito at a 25% gross profit rate. The following data are available pertaining specifically to Posito's intra-entity purchases from Gargiulo. Gargiulo was acquired on January 1, 2017. 201720182019Purchases by Posito$8,000 $12,000 $15,000 Ending inventory on Posito's books 1,200 4,000 3,000 ??Assume the equity method is used. The following data are available pertaining to Gargiulo's income and dividends.? 201720182019Gargiulo's net income$70,000 $85,000 $94,000 Dividends paid by Gargiulo 10,000 10,000 15,000 ?Compute the equity in earnings of Gargiulo reported on Posito's books for 2017.
A. $62,730. B. $62,700. C. $63,000. D. $63,270. E. $70,000.