jack corporation is a manufacturer and holds 100% of the stock of genie productions, inc. jack paid cash for $100,000 in finished goods inventory. jack sold 50% of the $100,000 in inventory to genie on account for $150,000 and 25% of the $100,000 in inventory to a third-party on account for $75,000. genie sold 50% of its inventory to a third-party on account for $100,000.