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Which of the following statement is NOT true about the procedure for consolidating affiliated companies with intercompany merchandise sales? O Profit is realized when the

Which of the following statement is NOT true about the procedure for consolidating affiliated companies with intercompany merchandise sales? O Profit is realized when the goods are sold to an outside party. O Need to eliminate related intercompany receivable/payable. O Which company is the intercompany seller (vs. buyer) does not affect the consolidation. O Need to eliminate intercompany sales

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