When consolidating a subsidiary that was acquired on a date other than the first day of the fiscal year, which of the following statements is true of the subsidiary with respect to the presentation of consolidated financial statement information? A. Preacquisition earnings are deducted from consolidated revenues and expenses.
B. Preacquisition earnings are added to consolidated revenues and expenses.
C. Preacquisition earnings are deducted from the beginning consolidated stockholders' equity.
D. Preacquisition earnings are added to the beginning consolidated stockholders' equity.
E. Preacquisition earnings are ignored in the consolidated income statement.
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