Which of the following statements is true regarding the preparation of consolidated financial statements under U.S. GAAP? A parent company with a December 31 year-end is able to consolidate operations with a subsidiary that has an August 31 year-end. II. Company A owns 60% of Company B and Company B owns 60% of Company C, none of Company C's activity will be included in Company A's consolidated financial statements since the effective ownership is less than 50% O I only Oll only Both I and Il O Neither I nor