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Sam Inc. is a 90% owned subsidiary of Paul Corp. Paul sold land to Sam for $100,000 that originally cost Paul $50,000. Paul uses the

Sam Inc. is a 90% owned subsidiary of Paul Corp. Paul sold land to Sam for $100,000 that originally cost Paul $50,000. Paul uses the fully adjusted equity method.

1) What adjustment is needed on Paul's books in the year the land is sold to Sam?

2) What consolidation entry is required in the year the land is sold to Sam?

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