Solved: Lorikeet sold the land to an unrelated party for110000 what, Accounting Basics

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Lorikeet sold the land to an unrelated party for110000 what

Question - Lorikeet Corporation acquired a 80% interest in Nectar Corporationon January 1,2000 at a cost equal to book value and fair value. In the same year Nectar sold land costing $30,000 to Lorikeet for $50,000 on July 1, 2005. Lorikeet sold the land to an unrelated party for$110,000. What was the gain on the consolidated income statement?

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Accounting Basics: Lorikeet sold the land to an unrelated party for110000 what

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