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In the absence of evidence to the contrary, companies that have joined together in a business combination are viewed as having been separate and independent

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In the absence of evidence to the contrary, companies that have joined together in a business combination are viewed as having been separate and independent prior to the combination. Therefore, if they had sales between the two companies prior to the combination, they are viewed as transactions between unrelated parties. True or False: A consolidation entry or adjustment is needed in preparing consolidated statements subsequent to the combination for ALL sales...both prior to and after the combination. True False

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