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Intercompany debt which must be eliminated from consolidated financial statements may results from:

a. one member of a consolidated group selling its bonds directly to another member of the group.

b. one member of a consolidated group advancing funds to another member of the group so that the member may retire bonds it had issued to outside parties.

c. one member of a consolidated group purchasing bonds from outside parties as an investment that had been issued to outside parities by another member of the group.

d. all of the above.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442166

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