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Michel Company owns 75% of the outstanding common stock of Aber Corp. On its current consolidated income statement, Michel Company should report:
Multiple Choice
100% of Aber’s revenue and expenses.
75% of Aber’s revenue and expenses.
75% of Aber’s net income.
none of Aber’s revenue, expenses, and income.

Respuesta :

The combined revenue and expenses of Michel Company and Aber Corp. should be included in Michel Company's most recent consolidated income statement.

Why is an income statement different from a consolidated income statement?

All of the subsidiary businesses that the owner has a controlling stake in are included in a consolidated financial statement, as well as the subsidiaries that are wholly owned by the owner. In consolidated financial statements, the same elements are present in a different configuration than in individual financial statements.

25% (100% - 75%) of the net income or loss of Aber Corp. is attributable to non-controlling or minority interests. This demonstrates to readers of the parent company Michel Company's financial records that only 75% of the Aber Corp.'s net profit or loss actually belongs to Michel Company's stockholders.

Learn more about consolidated income statement: https://brainly.com/question/23929821

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