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Why is an elimination journal required

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Reference no: EM132819947

Problem 1. Is there a difference if the company makes an asset acquisition and a stock acquisition? If there is / do not explain. Is there an effect of the acquisition on the financial statements?

Problem 2. In the process of making a consolidated report, an elimination journal is required. Why is an elimination journal required and what accounts need to be eliminated?

Reference no: EM132819947

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