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When a parent uses the initial value method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is true before making adjustments on the consolidated worksheet?

a) Parent company net income equals consolidated net income.

b) Parent company retained earnings equals consolidated retained earnings.

c) Parent company total assets equals consolidated total assets.

d) Parent company dividends equal consolidated dividends.

e) Goodwill will not be recognized on the parent's books.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9431551

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