1. A consolidated income statement will show

a. revenue and expense transactions between the consolidated entity and parties outside the affiliated group.

b. only the parent companys net income.

c. only the income of partially owned subsidiaries.

d. only the income of wholly owned subsidiaries.

2. Under IFRS, equity investments are generally recorded and reported at

a. amortized cost.

b. fair value.

c. original cost.

d. maturity value.

Important note:

PLEASE SHOW WORK FOR ALL QUESTIONS!