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Assume that an asset that had been remeasured (revalued) through a proforma journal (fair value adjustment) at acquisition is subsequently sold and the profit on

Assume that an asset that had been remeasured (revalued) through a proforma journal (fair value adjustment) at acquisition is subsequently sold and the profit on sale, from a group perspective, is less than the profit on sale recorded in the subsidiaries accounting records. To correct this, on consolidation, a profroma journal must be processed in which the profit on sale account must be: Question 6Select one: a. Credited b. Debited c. Eliminated d. Reduced

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