Kordel inc. holds 75 of the outstanding common stock of, Ask an Expert

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Kordel Inc. holds 75% of the outstanding common stock of Raxston Corp. Raxston currently owes Kordel $500,000 for inventory acquired over the past few months. In preparing consolidated financial statements, what amount of this debt should be eliminated?

a) $375,000

b) $125,000

c) $300,000

d) $500,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9442380

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