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?