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11. A parent charges $30,000 for services provided to its 70%-owned subsidiary. The services cost...

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Accounting

11. A parent charges $30,000 for services provided to its 70%-owned subsidiary. The services cost the parent $17,000. Which statement is TRUE concerning the consolidation working paper eliminating entry with respect to this intercompany transaction? a. Service Expense is reduced by $17,000. b. Service Revenue is reduced by $30,000. C. Service Revenue is reduced by $21,000. d. No working paper eliminating entry is needed.

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