<\/div><\/div><\/div> 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. On December 31, 2018, the land account balance in the books of Parent Company Is $300,000 and In the books of the subsidiary is $300,000. No acquisition differential was allocated to land. What will be the amount of land In the consolidated balance sheet at December 31, 2018? Multiple Choice",
"transcribed_text": "",
"related_book": {
"title": "Global Strategy",
"isbn": "0357512367, 978-0357512364",
"edition": "5th Edition",
"authors": "Mike W. Peng",
"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg",
"uri": "\/textbooks\/global-strategy-5th-edition-9780357512364",
"see_more_uri": ""
},
"free_related_book": {
"isbn": "B08F6JZ5X8",
"uri": "\/textbooks\/top-us-retirement-plans-multiemployer-plan-missouri-employee-benefit-plans-1st-edition-979-8672434315-253775",
"name": "Top Us Retirement Plans Multiemployer Plan Missouri Employee Benefit Plans",
"edition": "1st Edition"
},
"question_posted": "2024-06-28 03:32:37",
"see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08",
"step_by_step_answer": "The Answer is in the image, click to view ...",
"students_also_viewed": [
{
"url": "\/the-good-samaritan-hospital-uses-the-allowance-method-in-accounting",
"description": "The Good Samaritan Hospital uses the allowance method in accounting for bad debts. A journal entry was made for writing off the accounts of Jane Peterson, Eunice Belmont, and Samuel Goldman. Do you...",
"stars": 3
},
{
"url": "\/study-help\/psychology\/why-you-want-to-attend-that-specific-graduate-program-eg-1980785",
"description": "why you want to attend that specific graduate program (e.g., the match between the program and your research\/practice interest areas);",
"stars": 3
},
{
"url": "\/why-might-an-analyst-examining-variances-in-the-production-area",
"description": "Why might an analyst examining variances in the production area look beyond that business function for explanations of those variances?",
"stars": 3
},
{
"url": "\/study-help\/questions\/discuss-and-describe-systems-theory-9837587",
"description": "Discuss and describe systems theory.",
"stars": 3
},
{
"url": "\/study-help\/questions\/managerial-accounting-is-a-field-of-accounting-that-provides-economic-9457255",
"description": "Managerial accounting is a field of accounting that provides economic information for all interested parties. Is this true? Explain why or why not.",
"stars": 3
},
{
"url": "\/study-help\/service-management-operations-strategy\/suppose-a-distributor-faces-an-annual-demand-for-a-car-1303150",
"description": "Suppose a distributor faces an annual demand for a car horn for small cars that is normally distributed with a mean of 2300 items and a standard deviation of 300. The cost of placing an order is $150...",
"stars": 3
},
{
"url": "\/study-help\/fluid-mechanics-\/air-flows-with-negligible-friction-through-a-10mathrmcmdiameter-duct-at-1418439",
"description": "Air flows with negligible friction through a \\(10-\\mathrm{cm}\\)-diameter duct at a rate of \\(2.3 \\mathrm{~kg} \/ \\mathrm{s}\\). The temperature and pressure at the inlet are \\(T_{1}=450 \\mathrm{~K}\\)...",
"stars": 3
},
{
"url": "\/study-help\/particle-physics\/figure-p2718-shows-three-particles-passing-near-the-north-end-1369791",
"description": "Figure P27.18 shows three particles passing near the north end of a bar magnet. Particle 1 is an electron, and particles 2 and 3 are protons. All three particles move at the same speed. (a) Determine...",
"stars": 3
},
{
"url": "\/study-help\/principles-of-economics\/the-placebo-drug-company-holds-a-patent-on-one-of-1383670",
"description": "The Placebo Drug Company holds a patent on one of its discoveries. a. Assuming that the production of the drug involves rising marginal cost, draw a diagram to illustrate Placebos profitmaximizing...",
"stars": 3
},
{
"url": "\/study-help\/questions\/what-is-the-use-of-bootstrap-program-7985039",
"description": "What is the use of bootstrap program?",
"stars": 3
}
],
"next_back_navigation": {
"previous": "\/study-help\/questions\/refer-to-the-spreadsheets-attached-evaluate-the-financial-data-provided-4230157",
"next": "\/study-help\/questions\/problem-7-jethro-company-provided-the-following-data-at-yearend-4230159"
},
"breadcrumbs": [
{
"name": "Study help",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers"
},
{
"name": "Business",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business"
},
{
"name": "Accounting",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting"
},
{
"name": "On June 30. 2018. Parent Company sold some land to Its subsidiary",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/on-june-30-2018-parent-company-sold-some-land-to-4230158"
}
],
"skill_details": {
"skill_id": "9",
"skill_name": "Accounting",
"parent_id": "1"
}
} "1"
}
}