On January 1,20X8,Blake Company Acquired All of Frost Corporation's Voting

question 31

Multiple Choice

On January 1,20X8,Blake Company acquired all of Frost Corporation's voting shares for $280,000 cash.On December 31,20X9,Frost owed Blake $5,000 for services provided during the year.When consolidated financial statements are prepared for 20X9,which entry is needed to eliminate intercompany receivables and payables in the consolidation worksheet?

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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Definitions:

Child Abuse

The physical, sexual, emotional mistreatment, or neglect of a child by a parent, guardian, or caregiver.

Genuine Consent

An agreement or approval provided freely and willingly without any form of coercion, pressure, or undue influence.

Annulment

A court decree that invalidates (nullifies) a marriage. Although the marriage itself is deemed non-existent, children of a marriage that is annulled are deemed legitimate.

Terminated

Ended or concluded, often used in the context of employment to indicate that a worker's job position has been ended by the employer.