Magic Co. holds 100% of the outstanding common stock of Jonson Co. and would like to prepare year-end (December 31, Year 2) consolidated financial statements. The separate financial statements of Magic Co. are prepared for the fiscal year ending December 31, Year 2. Jonson Co. reports its separate financial statements for the fiscal year ending June 30, Year 1. Research and cite a specific paragraph in the Accounting Standard Codification that can help Magic Co. to determine whether it can use the financial statements of Jonson Co. (from June 30, Year 1) for preparing the consolidated financial statements for the fiscal year ending December, 31, Year 2, without any adjustments. Unless specifically requested, your response should not cite implementation guidance and illustrations.