Which of the Following Statements Regarding Consolidated Financial Statements at the Date

Multiple Choice

Which of the following statements regarding consolidated financial statements at the date of acquistion is FALSE?

A) At the day of acquisition, there is a need to prepare a consolidated statement of income.
B) Regarding the equity accounts, only the parent's balances are carried into the consolidated statement of financial position.
C) At acquisition date, all the equity of the subsidiary is pre-acquisition and eliminated.
D) The assets and liabilities of the subsidiary are carried forward into the consolidated statement of financial position at fair value.