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A subsidiary Company borrowed 75,000 from the parent company on a note payable during the year. Before consolidating the entities, the balances in Notes Receivable

A subsidiary Company borrowed 75,000 from the parent company on a note payable during the year. Before consolidating the entities, the balances in Notes Receivable and Notes Payable accounts of the parent company were 175,000 and 255,000, respectively. The consolidated balance sheet should show: a. Notes Receivable of 175,000 and Notes Payable of 330,000. b. Notes Receivable of 250,000 and Notes Payable of 255,000. c. Notes Receivable of 100,000 and Notes Payable of 255,000. d. Notes Receivable of 175,000 and Notes Payable of 180,000. e. None of the above

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