Which statement is true regarding consolidation when there is a noncontrolling interest? Consolidated financial statements should be prepared only if the parent company and the subsidiary do business in a similar area. OOOO Only a proportion of the subsidiary should be included in the consolidated financial statements because the parent company has less than 100% of the subsidiary's shares. Noncontrolling interest should not be included in the consolidated financial statements because these outside owners do not have shares in the parent company. A subsidiary should be included in its entirety in the consolidated financial statements