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In determining controlling interest in consolidated income in the consolidated financial statements, unrealized intercompany profit on inventory acquired by a parent from its subsidiary should:

a) not be eliminated.

b) be eliminated in full.

c) be eliminated to the extent of the parent company's controlling interest in the subsidiary.

d) be eliminated to the extent of the noncontrolling interest in the subsidiary.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9449370

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