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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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