A parent company's journal entries to record a business combination with a subsidiary always include debits and credits to recognize the assets and liabilities of the subsidiary Select one: True otion O False Jan 1, 2019, Rudd Company acquired 100% of the common stock of Wilton Company. At that ne, Rudd held land with a book value of $100,000 and a fair value of $260,000; Wilton held land th a book value of $50,000 and fair value of $600,000. at what amount would land be reported Rudd Company balance sheet prepared immediately after the merger ? Select one: a. 700,000 b. 860,000 c. 590,000 d. 550,000 On consolidated working sheet, a subsidiary's net income is Select one: a. deducted from ending consolidated retained earnings. O b. allocated between the noncontrolling interest share and the parent's share. O c. only an entry in the parent company's general ledger. d. deducted from beginning consolidated retained earnings. ton