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On July 1, 2015, p advanced S $70,000 in cash, p owns 80% of S Corp's outstanding common stock which was stir- outstanding at December

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On July 1, 2015, p advanced S $70,000 in cash, p owns 80% of S Corp's outstanding common stock which was stir- outstanding at December 31.2015. What portion of this advance should be eliminated in the preparation of the December 31, 2015, consolidated balance sheet? A, $90,000. B. $54,000. $70,000 D. $36.000

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