If a Parent Company Has Two Wholly Owned Subsidiaries, How

Short Answer

If a parent company has two wholly owned subsidiaries, how many legal and economic entities are there from the viewpoint of the shareholders of the parent company? $\begin{array}{lll}&\text { Legal } & \text { Economic } \\\text { a. } & 3 & 3 \\\text { b. } & 1 & 2 \\\text { c. } & 3 & 1 \\\text { d. } & 2 & 1\end{array}$