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Selected information from the separate and consolidated balance sheets and income statements of Pard, Inc. and its subsidiary, Spin Co., as of December 31, Year 1, and for the year then ended is as follows:
Additional information: During Year 1, Pard sold goods to Spin at the same markup on cost that Pard uses for all sales. At December 31, Year 1, Spin had not paid for all of these goods and still held 37.5% of them in inventory.At December 31, Year 1, what was the amount of Spin's payable to Pard for intercompany sales?
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