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Consolidated Financial Statements: Requirement: Prepare consolidated financial statements for a parent and its subsidiary. Question: Company A owns 80% of Company B. Prepare consolidated balance

·Consolidated Financial Statements:

  • Requirement: Prepare consolidated financial statements for a parent and its subsidiary.
  • Question: Company A owns 80% of Company B. Prepare consolidated balance sheet and income statement as of December 31, 2024, including both companies' financial information. 

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