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A subsidiary sold its parent some land at a profit of $10,000 in 2019. The parent still holds the land. On a working paper prepared
A subsidiary sold its parent some land at a profit of $10,000 in 2019. The parent still holds the land. On a working paper prepared to consolidate the accounts of the parent and its subsidiary in 2021, the eliminating entry connected with this land includes a $10,000 debit to:
A. | Beginning retained earnings | |
B. | Gain on sale of land | |
C. | Investment in subsidiary | |
D. | No effectelimination entry is not required |
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