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external reporting

Navas 27 April 2020 at 16:19 PM

In the process of preparing consolidated financial statements, which one of the following items does not need to be eliminated?
A) Profit in beginning inventory acquired from a parent
B) Profit on sale of a fixed asset to a subsidiary
C) Dividends receivable from a subsidiary.
D) Profit on inventory sold to a nonaffiliate.

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FACULTY 19 May 2020 at 02:28 PM

Profit on inventory sold to a nonaffiliate(option D)

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