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Which the entry to eliminate the investment for purposes

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Reference no: EM132704034

Problem 1: The B Company purchased all of X Company's common stock for $400,00. The book value of X's stock on the date of purchase is $290,000 and retained earnings are $50,000. Any differential is attributable to X's land. The entry to eliminate the investment for purposes of the consolidated balance sheet prepared immediately after acquisition would include a:

A. Credit to Land, $60,000
B. Credit to common Stock-X, $290,000
C. Credit to Retained Earnings, $50,000
D. Debit to Land, $60,000

Reference no: EM132704034

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