Mena Corp. owns 60% of Ott Corp.’s outstanding capital stock.

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. What amount should be reported related to the advance in Rowe's consolidated b...
Posted by:
mohamed shosha
22-September-2013

On May1, Mena advanced Ott $70,000 in cash, which was still outstanding at December31. What portion of this advance should be eliminated in the preparation of the December31 consolidated balance sheet?

A. $70,000

B. $42,000

C. $28,000

D. $0

Accounting Auditing Banking

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Date Posted: 2015/02/24

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by zeeshan Ramzan , Asst Finance & Admin Manager , Transport Solutions General Trading & Contracting Co.

A. $28,000 after discount ............................

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Mena Corp. owns 60% of Ott Corp.’s outstanding capital stock.

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