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7. Lion King Co. owns 60% of Tiger Co.'s common stock and 40% of Dragon Co.'s common stock. On December 31, 2006, Tiger owes Lion

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7. Lion King Co. owns 60% of Tiger Co.'s common stock and 40% of Dragon Co.'s common stock. On December 31, 2006, Tiger owes Lion King P400,000 and Dragon owes Lion King P200,000 for cash advances. In preparing the consolidated balance sheet for 2006, what amount of advances should be eliminated

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