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How should the preferred stock be accounted

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Reference no: EM132720396

Question: A parent company owns an 80% interest in the voting common stock of its subsidiary. the subsidiary also has outstanding s10,000 shares of 4% cumulative preferred stock outstanding with par value equal to $1,000,000. if the parent company owns none of the preferred stock, how should the preferred stock be accounted for in the consolidated financial statements?

Reference no: EM132720396

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