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Paragraph Corporation purchased land on January 1, 20x1, for $20,000. On June 10, 20X4, it sold the land to its subsidiary, Sentence Corporation, for $30,000.
Paragraph Corporation purchased land on January 1, 20x1, for $20,000. On June 10, 20X4, it sold the land to its subsidiary, Sentence Corporation, for $30,000. Paragraph owns 60 percent of Sentence's voting shares. Required: a. Prepare the worksheet consolidation entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X4 and 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list Consolidation Worksheet Entries Record the consolidating entry on December 31, 20X4. Note: Enter debits before credits. Consolidation Worksheet Entries Record the consolidating entry on December 31, 20X4. Worksheet Entries Record the consolidating entry on December 31, 20X5. Moto. Entor dobite before credite
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