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True or False? If the following statement is false, briefly explain why it is false. Dividends paid to noncontrolling shareholders are eliminated in preparing the

True or False? If the following statement is false, briefly explain why it is false. Dividends paid to noncontrolling shareholders are eliminated in preparing the consolidated statement of retained earnings as are those paid by the subsidiary to the parent. Only dividends paid by the parent company are reported as dividends in the consolidated financial statements.

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