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Which of the following statements is true of the basic consolidation entry? Multiple select question. The basic consolidation entry eliminates the investment in the investee

Which of the following statements is true of the basic consolidation entry?

Multiple select question.

The basic consolidation entry eliminates the investment in the investee company account.

The basic consolidation entry eliminates the equity accounts of the investee company.

The basic consolidation entry eliminates the income from the investee company account.

The basic consolidation entry eliminates the dividends declared by the investor company.

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