Under the variable interest model, the party that consolidates the variable interest entity $($VlE$)$ isThe party that directs the entity's most significant economic activities

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The party that records the income and dividends of the subsidiary using the fair valuemethod.

$$The party with the largest ownership percentage of the common stock of the subsidiary,even if it is below $50\%.$

The party that owns more than $50\%$ of the common stock of the subsidiary.