Kordel inc. acquired 75% of the outstanding common stock of raxston corp. raxston currently owes kordel $500,000 for inventory acquired over the past few months. in preparing consolidated financial statements, what amount of raxston’s liability should be eliminated? multiple choice
a. $375,000.
b. $125,000.
c. $300,000.
d. $500,000.
e. $0.

what amount of Raxston’s liability should be eliminated? d.$500,000

Explanation:

At different levels of the consolidation, certain intercompany payables and receivables balances must be eliminated. Eliminations are only required in the context of a consolidation where the trading parties are both included in a given consolidation.

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