Consolidation Entries: Land Transfer Downstream On 3/31/05, Pasto Inc. sold land costing $40,000 to its 100%-owned

Question:

Consolidation Entries: Land Transfer — Downstream On 3/31/05, Pasto Inc. sold land costing

$40,000 to its 100%-owned subsidiary, Sasto Inc., for $100,000.

1. Prepare the consolidation entry(ies) as of 12/31/05 and 06. (For Module 1 only: First prepare any necessary general ledger adjusting entry at these dates.)

2. Prepare the consolidation entry at 12/31/07, assuming that Sasto sold the land in 2007 for

$120,000. (For Module 1 only: First prepare the general ledger adjusting entry at this date.)

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