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Which of the statements is correct for upper company

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Reference no: EM132967439

Upper Company holds 60 percent of Lower Company's voting shares. During the preparation of consolidated financial statements for 2019, the following eliminating entry was made:

Retained earnings, January 1....................................... 10,000

Land............................................................................................. 10,000

Problem 1: Which of the following statements is correct?

a. Upper Company purchased land from Lower Company during 2019.

b. Upper Company purchased land from Lower Company before January 1, 2019.

c. Lower Company purchased land from Upper Company during 2019.

d. Lower Company purchased land from Upper Company Before January 1, 2019.

Reference no: EM132967439

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