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True or False

1- Purchasing an affiliate's debt instruments from an outside third party requires may result in a gain or loss because the debt is no longer owed to an outside party.

2- Income allocable to a subsidiary's preferred stock must be divided between the noncontrolling interest and the parent corporation.

3- In preparing consolidated financial statements, the statement of cash flows is prepared from the individual cash flow statements of the separate companies, and then combined

4- In preparing consolidated financial statements, basic earnings per share are computed by dividing the parent's share of consolidated net income by the weighted average number of common stock shares outstanding for the period.

5- If a subsidary issues (or buys) any of its own stock subsequent to acquisition, the effect on the parent will depend on whether the price received (or paid) is greater or less that the per-share subsidiary adjusted fair value at that point in time.