{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T03:32:37-04:00", "answer_date": "2024-06-28 03:32:37", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4230158", "url": "\/study-help\/questions\/on-june-30-2018-parent-company-sold-some-land-to-4230158", "question_creation_date_js": "2024-06-28T03:32:37-04:00", "question_creation_date": "Jun 28, 2024 03:32 AM", "meta_title": "[Solved] On June 30. 2018. Parent Company sold som | SolutionInn", "meta_description": "Answer of - On June 30. 2018. Parent Company sold some land to Its subsidiary for $240,000. The land had cost Parent Company $120, | SolutionInn", "meta_keywords": "june,30,2018,parent,company,sold,land,subsidiary,$240,000,cost,$120,000,acquired", "question_title_h1": "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", "question_title": "On June 30. 2018. Parent Company sold some land to Its subsidiary", "question_title_for_js_snippet": "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", "question_description": "\"image
\"image<\/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. 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