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How pre-acquisition elimination entries will include entry

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Problem 1: Gary Ltd acquired all the shares in Nelson Ltd on a cum div. basis for $200,000. At acquisition date, Nelson Ltd had a declared dividend of $30,000. Based on the information above, the pre-acquisition elimination entries will include the entry of:

Option 1: Dr. Shares in Nelson Ltd $170,000

Option 2: Cr. Shares in Nelson Ltd $200,000

Option 3: Cr. Shares in Nelson Ltd $170,000

Option 4: Dr. Shares in Nelson Ltd $200,000

Reference no: EM132994548

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