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a) In preparing consolidated financial statements for Jade Company and its subsidiary, what is the objective of eliminating the effects of intercompany gains and losses

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a) In preparing consolidated financial statements for Jade Company and its subsidiary, what is the objective of eliminating the effects of intercompany gains and losses on sale of land and equipment? (2 Marks) b) How are unrealized gains and losses from intercompany transactions involving depreciable assets eventually realized from the viewpoint of Jade Company? (2 Marks)

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