Which of the following statements is false?

When the parent company controls the subsidiary company, the parent company prepares consolidated financial statements that treat the parent and the subsidiary as a single economic entity.

The consolidation process involves summing each balance sheet and income statement account for the parent and subsidiary companies after eliminating any intercompany transactions.

When a subsidiary is not wholly owned, noncontrolling interest is reported on the balance sheet.

When a subsidiary is not wholly owned, net income attributable to noncontrolling interest is reported on the income statement.

When a subsidiary is not wholly owned, consolidated financial statements reflect the equity interest of only the parent's stockholders.

Which of the following types of investment in debt securities do we report unrealized gains and losses on the income statement?

Trading securities

II$.$ Available$-$for$-$sale securities

III. Held$-$to$-$maturity securities$.$

When a company establishes a valuation allowance for deferred tax assets, what are the impacts on the company's income tax expense, net income, and total assets?

$\backslash$table$[[,$Income Tax Expense,Net Income,Total Assets$],[$Choice A$,$Decrease,Decrease,Decrease$],[$Choice B$,$Decrease,Increase,Decrease$],[$Choice C$,$Increase,Decrease,Increase$],[$Choice D$,$Increase,Increase,Increase$],[$Choice E$,$Increase,Decrease,Decrease$]]$