Select the Incorrect Statement from the Following

Multiple Choice

Select the incorrect statement from the following:

A) Adjustments are required to eliminate any transactions between Parent and Sub (e.g., selling or other transfer of assets) .
B) Even when the parent owns less than 100% of the subsidiary's stock, 100% of the subsidiary's assets and liabilities are included in the consolidated balance sheet.
C) Any consolidated net income attributable to minority interest must be clearly identified and shown on the consolidated income statement.
D) Consolidated net income is equal to the sum of the parent's net income and the sub's net income.