Business, 27.12.2020 15:20 trizthagod49
Pumpkin Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the land to its subsidiary, Spice Corporation, for $70,000. Pumpkin owns 80 percent of Spice's voting shares. Based on the preceding information, what will be the worksheet consolidating entry to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X8?
a. Gain on Sale of Land 20,000
Land 20,000
b. Gain on Sale of Land 16,000
Land 16,000
c. Land 16,000
Gain on Sale of Land 16,000
d. Land 20,000
Gain on Sale of Land 20,000
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Pumpkin Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the la...
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