Subsidiary is wound-up into parent on 2019-09-30. What is my journal entry for the investment in Subsidiary and Share of investee's investments, at equity on B/S to go 0?

-Parent owns 100% of Subsidiary

-Subsidiary is wound-up into parent and dissolved on Sept. 30, 2019. Subsidiary has 0$ balances on B/S and 0$ R/E. as of Sept. 30, 2019

-Parent has invesmtent in subsidiary on B/S (shares owned)

-Parent uses the equity method

-Parent has a previous balance in investment of 89 283$, how do I bring this to 0$ and will it generate a gain and can I deduct the amount on T2 Sch. 1?

-Notice to reader. Do I need to show notes to the financial statements?


I've been asked to answer this one even though I don't work for Intuit. 

It’s been a while since I’ve consolidated corporations, so I think you’d better ask somebody else. As far as I remember, you’ll have to consolidate the two corps and eliminate offsetting amounts on both and you’ll have to follow the up-stream and downstream rules. Good luck

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