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A majority-owned subsidiary should be excluded from consolidated financial statements: a.when that ownership is less than 70 percent. b.when the subsidiary has filed for bankruptcy.

A majority-owned subsidiary should be excluded from consolidated financial statements:

a.when that ownership is less than 70 percent.

b.when the subsidiary has filed for bankruptcy.

c.under no circumstances.

d.when there are no intercompany receivables or payables.

On a three-tier consolidating workpaper, the entire bottom line of the income-statement section would be transferred directly to the balance sheet.

True

False

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