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Q1. On December 31, 2020 ABC Parent company sold land costing USD 50,000 to its 100% owned Z Subsidiary for USD 90,000 and sold to

Q1. On December 31, 2020 ABC Parent company sold land costing USD 50,000 to its 100% owned Z Subsidiary for USD 90,000 and sold to external party for USD 100,000 in 2021

Required:

1. Pass Equity Method Journal Entries in ABC Parents records in 2020 and 2021.

2. Pass Consolidation Entries in 2020 and 2021.

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