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Barcelona Arts has a 1 0 % holding in the shares of Costa del Sol Ltd . In addition, one of Barcelona Arts' subsidiaries, Sevilla

Barcelona Arts has a 10% holding in the shares of Costa del Sol Ltd. In addition, one of Barcelona Arts' subsidiaries, Sevilla Inc., which is 55% owned, has a holding of 35% of the shares in Costa del Sol Ltd. How should this investment be classified by Barcelona Arts?
A joint arrangement
A subsidiary
An associate
An investment
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