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Explain how the financial statements will be affected

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Question - In preparation of consolidated financial statements, parent and subsidiaries must eliminate all intercompany transactions - intercompany merchandise sales, fixed assets transactions, and debt/equity transactions. Explain how the financial statements will be affected if:

intercompany merchandise transactions are NOT eliminated

fixed assets intercompany transactions are NOT eliminated

intercompany debt/equity transactions are NOT eliminated

Reference no: EM132623532

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