13. If a machine is sold by a wholly owned subsidiary to the parent company at a...
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13. If a machine is sold by a wholly owned subsidiary to the parent company at a gain at the end of the affiliates’ fiscal year, the appropriate working paper elimination (in journal entry format) will not include a(n):
a. Debit to Retained Earnings—Subsidiary.
b. Debit to Intercompany Gain on Sale of Machinery—Subsidiary.
c. Credit to Machinery—Parent.
d. Explanation.
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