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What should be eliminated in the preparation

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Problem 1: Poe Company owns 70% of Sage Corporation's outstanding common stock. On May 1, 20x5, Poe advanced Sage $80,000 in cash, the debt of which was still outstanding at December 31, 20x5. What portion of this advance (if any) should be eliminated in the preparation of the 12/31/x5 consolidated balance sheet?

a. $24,000
b. $56,000
c. $80,000
d. $0

Reference no: EM132690939

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