Good Limited provided a loan of $1,300,000 to its subsidiary Catch Limited. On consolidation, which of the following adjustments is needed in relation to this intragroup loan?     DR Loan payable to parent $1,300,000      CR Cash $1,300,000     No adjustment needed.     DR Loan receivable from subsidiaries $1,300,000       CR Loan payable to parent $1,300,000     DR Loan payable from parent $1,300,000       CR Loan receivable from subsidiaries $1,300,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Good Limited provided a loan of $1,300,000 to its subsidiary Catch Limited. On consolidation, which of the following adjustments is needed in relation to this intragroup loan?

   

DR Loan payable to parent $1,300,000
     CR Cash $1,300,000

   

No adjustment needed.

   

DR Loan receivable from subsidiaries $1,300,000
      CR Loan payable to parent $1,300,000

   

DR Loan payable from parent $1,300,000
      CR Loan receivable from subsidiaries $1,300,000

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