Question: Pablo Corp ( Parent ) acquired 1 0 0 % of Skip ( Subsidiary ) . To create consolidated financial statements, Pablo elected to use

Pablo Corp (Parent) acquired 100% of Skip (Subsidiary). To create consolidated financial statements, Pablo elected to use the equity method for its pre-consolidation bookkeeping.As it pertains to the consolidating entries and consolidated financial statements, determine if the following statements are true or false.
A. Sales reported on the consolidated income statement will equal just the Parents sales.
B. Consolidating entries are recorded on the Parents books (i.e., the Parents general ledger).
C. At a point in time, the AAP (Acquisition Accounting Premium) component of the Parents Equity Investment reflects unamortized premium balances.

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