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GAAP is silent as to the appropriate treatment of preaffiliation profit. Defend whether or not preaffilation profit should not be eliminated in the consolidation process, giving at least three reasons. Provide specific exs to support your reasoning.

Justify why intercompany sales should not be included in income for a company of your choice. Evaluate the financial impact, both positive and negative, of excluding intercompany sales from income. Provide specific exs to support your response.

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