Navas 27 April 2020 at 13:28 PM

Panco, Inc. owns 90% of the voting stock of Spany Corporation. After consolidated financial statements have been prepared, the entries to eliminate intercompany payables and receivables will
A) Be reflected only in the accounts of Spany.
B) Be reflected only in the accounts of Panco.
C) Be reflected in the accounts of both Panco and Spany.
D) Not be reflected in the accounts of either company.