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which of the two transactions would be disclosed as related party transactions in jo 603448

During 2006, Jones Company engaged in the following transactions:

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Salary expense to key employees who are also principal owners

$100,000

Sales to affiliated enterprises

250,000

Which of the two transactions would be disclosed as related-party transactions in Jones’ 2006 financial statements?

  1. Neither transaction.
  2. The $100,000 transaction only.
  3. The $250,000 transaction only.
  4. Both transactions.

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