Which of the Following Is True? When Companies Employ Push-Down

question 28

Multiple Choice

Which of the following is true? When companies employ push-down accounting:

• A)the subsidiary revalues assets and liabilities to their fair values as of the acquisition date.
• B)a special account called Revaluation Capital will appear in the consolidated balance sheet.
• C)all consolidation elimination entries are made on the books of the subsidiary rather than in consolidated worksheets.
• D)the subsidiary is not substantially wholly owned by the parent.

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