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By hitting AltP in the 3D View Window, I can clear the parent relationship.
But then I lose the animation endowed to my object by the parent object. How can I clear an object's parent, but keep the same animation?
Select the child object, and in the 3D View header, go to Object > Animation > Bake Action.
In the pop-up dialogue, enable Clear Parents, then hit OK.
Ctrl + A
From Object > Animation > Bake Action :