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What consolidation worksheet entry is recorded at december

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Reference no: EM133003981

On January 1, 2010, parent lends 70% owned subsidiary $5,000,000 at 6% annual interest for two years. Subsidiary pays the accrued interest at the end of each year. Answer the following:

Problem a. What journal entry did the subsidiary record on January 1, 2010

Problem b. What consolidation worksheet entry is recorded at December 31, 2010 to eliminate the intercompany receivable and payable.

Problem c. What consolidation worksheet entry is recorded at December 31, 2010 to eliminate the intercompany interest income and interest expense

Reference no: EM133003981

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