The Elimination Entry to Prepare the Consolidated Financial Statements on December

question 28

Multiple Choice

The elimination entry to prepare the consolidated financial statements on December 31,20X7 would include a:

• A)credit to common stock for $625,000
• B)debit to retained earnings for $37,500
• C)credit to Investment in Siena Co.for $976,500
• D)credit to NCI in the net assets of Siena Co.for $232,500

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