A contract that appears valid but may be rejected by one of the parties who acted under a disability is considered:

Harris Enterprises owns 100% of the outstanding stock of Staton Company. The following transactions occurred during 2X13:

a) Harris Enterprises sold inventory costing $2,750 on account to Staton Company for $3,800. As of year-end, the amount due had not been paid. Harris Enterprises and Staton Company use a perpetual inventory system. b) Staton Company borrowed $8,000 from Harris Enterprises on December 31, 2X13, and signed a 2-year note. For each item, prepare the necessary intercompany elimination entry that is needed, if at all, in order to prepare a year-end consolidated balance sheet. Be certain to specifically identify whether an account is on the books of Harris Enterprises or Staton Company.

What are the functions and limitations of a NYSE specialist in a listed stock? Compare and contrast the role of a NYSE specialist to the role of a NASDAQ market maker in a widely traded and sparsely traded stock