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Business · Accounting
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  • P Company is the parent company acquired 90% of S company and 80% of T company
  1. On the date of acquisition, P company mailed a cash advance of $20,000 to T company to improve T Company’s working capital position. T company has not yet received and, therefore, had not yet recorded the advance
  2. On the date of acquisition, P company owed S company $6,000 for purchases on open account, and S company owed T company $5,000 for such purchases. All these items had been sold by the purchasing companies prior to the date of acquisition.


How would P company present these transactions on the consolidated financial statements and why?

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