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Please do all 4 journal entries thx Paragraph Corporation purchased land on January 1,20X1, for $23,500. On June 10, 20x4, it sold the land to
Please do all 4 journal entries thx
Paragraph Corporation purchased land on January 1,20X1, for $23,500. On June 10, 20x4, it sold the land to its subsidiary, Sentence Corporation, for $31,000. 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 204 and 205. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the consolidating entry on December 31,204. Note: Enter debits before credits. Consolidation Worksheet Entries Record the consolidating entry on December 31,205. Note: Enter debits before credits. b. Prepare the worksheet consolidation entries needed on December 31,204 and 205, if Sentence had initially purchased the land for $23,500 and then sold it to Paragraph on June 10,204, for $31,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the consolidating entry on December 31, 204. Note: Fnter debits before credits. Consolidation Worksheet Entries Record the consolidating entry on December 31, 205. Note: Enter debits before credits. Paragraph Corporation purchased land on January 1,20X1, for $23,500. On June 10, 20x4, it sold the land to its subsidiary, Sentence Corporation, for $31,000. 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 204 and 205. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the consolidating entry on December 31,204. Note: Enter debits before credits. Consolidation Worksheet Entries Record the consolidating entry on December 31,205. Note: Enter debits before credits. b. Prepare the worksheet consolidation entries needed on December 31,204 and 205, if Sentence had initially purchased the land for $23,500 and then sold it to Paragraph on June 10,204, for $31,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the consolidating entry on December 31, 204. Note: Fnter debits before credits. Consolidation Worksheet Entries Record the consolidating entry on December 31, 205. Note: Enter debits before credits
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