A corporation using the cost method of accounting for its investment in a 40% owned investee,which earned $20,000 ,the credit side of recording the income from subsidiary will be .

Select one:

a. investment

b. income

c. no entry

d. cash

When a parent acquires 100% of a subsidiary at book value, the consolidated balance sheet eliminates Investment accounts and a parent's equity accounts

Select one:

True

False