Most subsidiaries are wholly owned, although only majority ownership is usually all that is required for consolidation.

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Most subsidiaries are wholly owned, although only majority ownership is usually all that is required for consolidation. The parent's ownership may be direct or indirect. Frequently, a parent's direct subsidiaries have subsidiaries of their own, thus providing the parent with indirect ownership of the subsidiary's subsidiaries.

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International Lease Finance Corporation is a very large leasing company. It leases equipment that everyone is familiar with and many have used.
(1) Specifically, what is the principal business of International Lease Finance Corporation?
(2) Who are the direct owners of International Lease?
(3) In what city is International Lease headquartered?
(4) In what state is International Lease incorporated?
(5) Where is International Lease's common stock traded?
(6) What company is the parent in the consolidated financial statements in which International Lease is included, and what is that company's principal business?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Advanced Financial Accounting

ISBN: 978-0078025624

10th edition

Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker

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