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In 2016, a 70%-owned subsidiary sold land to the parent corporation at a gain of $50,000. The parent still owns the land at the end
In 2016, a 70%-owned subsidiary sold land to the parent corporation at a gain of $50,000. The parent still owns the land at the end of 2020. Which of the following consolidation adjustments is appropriate for the 2020 consolidated financial statements? Ignore income tax effects.
Increase non-controlling interest on the income statement by $15,000.
Increase land by $50,000.
Decrease non-controlling interest on the balance sheet by $15,000.
Decrease the gain on sale of land by $50,000.
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