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Company P owns 80% of Company S. On January 1, 2009, P sells land to S for $80,000. The book value of the land on

Company P owns 80% of Company S. On January 1, 2009, P sells land to S for $80,000. The book value of the land on P's books is $64,000.

a) What are the journal entries on January 1, 2009 for Company P and Company S?

b) What is the elimination entry on December 31, 2009?

c) What is the elimination entry on December 31, 2010?

d) If Company S sells the land for $92,000 to a third party, what is S's journal entry and what is the elimination entry?

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