Subsidiary sold the land, Parent sold land to its susidiary for a gain in 2008. The, Accounting Basics

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Subsidiary sold the land

Parent sold land to its susidiary for a gain in 2008. The subsidiary sold the land externally for a gain in 2011.

Which of the following statements is true?

A. A gain will be reported in the consolidated income statement in 2008

B. A gain will be reported in the consolidated income statement in 2011

C. Only the parent company will report a gain in 2011.

D. The subsidiary will report a gain in 2008.

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Accounting Basics: Subsidiary sold the land

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Accounting Basics: Subsidiary sold the land

Reference No:- TGS069792

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Intra-entity sales as inventory

Q : Problem on intra-entity sales as inventory

Q : Non-controlling interest in net income

Q : Statement regarding an intra-entity sale of land

Q : Subsidiary sold the land

Q : Transfer price exceeded the book value of depreciable asset

Q : Book value exceeded the transfer price problem

Q : Find the consolidated cost of goods sold

Q : Compute consolidated cost of goods sold

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Subsidiary sold the land

Reference No:- TGS069792

Recent Questions Asked Accounting Basics

Q : Intra-entity sales as inventory

Q : Problem on intra-entity sales as inventory

Q : Non-controlling interest in net income

Q : Statement regarding an intra-entity sale of land

Q : Subsidiary sold the land

Q : Transfer price exceeded the book value of depreciable asset

Q : Book value exceeded the transfer price problem

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Q : Compute consolidated cost of goods sold

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