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7. Why does the parent company use a worksheet in the preparation of consolidated financial statements? a. Because there are no consolidated journals and ledgers.

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7. Why does the parent company use a worksheet in the preparation of consolidated financial statements? a. Because there are no consolidated journals and ledgers. b. Because certain intercompany transactions must be eliminated. c. Because there might be a difference between the value implied by the purchase price and the value of the net assets. d. All of these

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