Report on the consolidated financial statements, Accounting Basics

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Report on the consolidated financial statements

Tark Company, a 90% owned subsidiary of Parker, Inc., sold land to Parker on May 1, 2010, for $80,000. The land originally cost Stark $65,000. Parker sold the land it purchased from Stark in 2010 for $92,000 in 2012.

1. What amount of gain or loss should be reported on the consolidated financial statements for 2010?

2. Which of the following will be included in a consolidation entry for 2011?

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Accounting Basics: Report on the consolidated financial statements

Reference No:- TGS047251

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Accounting Basics: Report on the consolidated financial statements

Reference No:- TGS047251

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Determining diluted earnings per share

Q : Discuss capital budgeting techniques

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Q : Example of capital budgeting technique

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Ask an Expert for Answer!!

Accounting Basics: Report on the consolidated financial statements

Reference No:- TGS047251

Recent Questions Asked Accounting Basics

Q : Determining diluted earnings per share

Q : Discuss capital budgeting techniques

Q : Determine the deferred tax (asset) or liability at the end

Q : Example of capital budgeting technique

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