2. On June 30, 2018 Parent Company old some and to dry for $20.000 The company wherwised vee years the con June 30, 2020, the scary sold the land to an oud party 125.000 20 Parent company of the story investment using the cost method What effect is the autor the enemy gatherede haven.com www.o.com 34000 On June 30, 2018 Parent company sold somed to its subdwy for $240.000 The had cost Company 320.000 when it was cred tree years by the thon was subject to contatos June 30, 2020, the subsidiary sold the land to an outside party for $275.000 Thistransaction w201 Pet Company owns sending on courtsort Investment using the cost method What effect with adjustment for the reaction of the intercompany gather content on como eres con 20207 M Chee . Whave contro.com were once come by 534.000 O Saved Save & Exit Subm On June 30, 2018. Parent Company sold some land to its subsidiary for $240,000. The land had cost Parent Company $120,000 when it was acquired three years previously. The transaction was subject to income tax at a rate of 20%. On June 30, 2020, the subsidiary sold the land to an outside party for $275,000. This transaction was also subject to income tax at a 20% rate. Parent Company owns 75% of the outstanding shares of its subsidiary and accounts for its investment using the cost method. What effect will the adjustment for the realization of the intercompany gain in the preparation of the consolidated income statement) have on the non controlling interest in income for 2020? Multiple Choice It will have no effect on the non-controlling interest in income It will decrease the non-controlling interest in income by $24,000 It will increase the non-controlling interest in income by $24.000 It will increase the non-controlling interest in income by $30,000 2. On June 30, 2018 Parent Company old some and to dry for $20.000 The company wherwised vee years the con June 30, 2020, the scary sold the land to an oud party 125.000 20 Parent company of the story investment using the cost method What effect is the autor the enemy gatherede haven.com www.o.com 34000 On June 30, 2018 Parent company sold somed to its subdwy for $240.000 The had cost Company 320.000 when it was cred tree years by the thon was subject to contatos June 30, 2020, the subsidiary sold the land to an outside party for $275.000 Thistransaction w201 Pet Company owns sending on courtsort Investment using the cost method What effect with adjustment for the reaction of the intercompany gather content on como eres con 20207 M Chee . Whave contro.com were once come by 534.000 O Saved Save & Exit Subm On June 30, 2018. Parent Company sold some land to its subsidiary for $240,000. The land had cost Parent Company $120,000 when it was acquired three years previously. The transaction was subject to income tax at a rate of 20%. On June 30, 2020, the subsidiary sold the land to an outside party for $275,000. This transaction was also subject to income tax at a 20% rate. Parent Company owns 75% of the outstanding shares of its subsidiary and accounts for its investment using the cost method. What effect will the adjustment for the realization of the intercompany gain in the preparation of the consolidated income statement) have on the non controlling interest in income for 2020? Multiple Choice It will have no effect on the non-controlling interest in income It will decrease the non-controlling interest in income by $24,000 It will increase the non-controlling interest in income by $24.000 It will increase the non-controlling interest in income by $30,000