Saban Company had the following transactions with affiliated…
Saban Company had the following transactions with affiliated parties during the year just ended: Sales of $50,000 to Malzhan Co. with $20,000 gross profit. Malzhan had $15,000 of this inventory on hand at year end. Saban owns a 15% interest in Malzhan and does not exert significant influence over Malzhan. Purchases of inventory totaling $240,000 from Spurrier Enterprises, a wholly-owned subsidiary of Saban Company. Spurrier’s gross profit on the sale was $48,000. Saban had $60,000 of these purchases still in inventory at year end. Before eliminating entries (related to the consolidation process), Saban had combined current assets of $320,000. What amount should Saban report in its December 31 consolidated balance sheet for current assets?