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Elisa's salon inc. has a loan payable to elisa, its sole shareholder. elisa decides to remove the loan from the company's books. in removing the
Elisa's salon inc. has a loan payable to elisa, its sole shareholder. elisa decides to remove the loan from the company's books. in removing the loan, how should the transaction be treated: A. as forgiveness of debt income on the company's income statement B. as a credit to retained earnings C. as a credit to additional paid-in capital D. as controlling interest in the equity section of the balance sheet
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