Question
Hi, I need help with letters a to c. Thank you 17. Hand owns 90% of Finger. In 2015 Hand purchases Land from third parties
Hi, I need help with letters a to c. Thank you
17. Hand owns 90% of Finger. In 2015 Hand purchases Land from third parties for $500,000. On January 1, 2018 Hand sells Land to Finger for $800,000. Finger holds the Land until December 31, 2020 and then sells it to third parties for $2,000,000.
a. How much is Consolidated Gain on Sale for the year ended December 31, 2018
b. How much is Consolidated Land at December 31, 2018
c. What consolidation worksheet entry is required at December 31, 2018
d. What consolidation worksheet entry is required at December 31, 2019
e. What consolidation worksheet entry is required at December 31, 2020
f. How much is Consolidated Gain on sale for the year ended December 31, 2020
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Accounting Information Systems
Authors: Alison Parkes, Brett Considine, Karin Oleson, Yvette Blount
5th Edition
0730325040, 9780730325048
