Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please provide work Procter Company owns 90% of the outstanding stock of Silex Company. On January 1, 2014, Silex Company sold land to Procter Company

image text in transcribed

please provide work

Procter Company owns 90% of the outstanding stock of Silex Company. On January 1, 2014, Silex Company sold land to Procter Company for $375,300. Silex had originally purchased the land on June 30, 2010, for $211,800. Procter Company plans to construct a building on the land bought from Silex in which it will house new production machinery. The estimated useful life of the building and the new machinery is 15 years. (a) Your answer is partially correct. Try again. Prepare the entries on the books of Procter related to the intercompany sale of land for the years ended December 31, 2014, and December 31, 2015. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2014 Land 375300 Cash 375300 2015 Investment in Subsidiary 1635001 Equity in Subsidiary Inc 163500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Payroll

Authors: Steven M. Bragg

1st Edition

0471251089, 9780471251088

More Books

Students also viewed these Accounting questions