Business, 26.02.2020 17:02 deniseelyons15

1. At the beginning of 2018, a parent sells a building with a book value of $1,000,000 to its subsidiary for $1,500,000. The building has a 10-year remaining life at the time of sale. Straight-line depreciation is used, with no residual value. At the beginning of 2021, the subsidiary sells the building to an outside company for $800,000. On the 2021 consolidation working paper, the unconfirmed intercompany gain on the building sale is recognized in the amount of: A. $400,000 B. $100,000 C. $350,000 D. $500,000

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