Stevens o amortization $5,ntrolling in avid. In 2012, Stevens has net income of $80,000 and $60,000, pany sale of land to Stevens. Finally, Stevens had a 1. Sied has net t income of $60,000. There is also $4,000 of annual excess associated with David's acquisition date equipment plus David had a gaio an ntercompany sale of land to David. How much is the S00 goning rest in subsidiary net income. 2. Davis 2 hird party ss are $80,000. Free reports sales of $150,000 of which SS0,000 are 70% of Free. In 2012, Davis reports sales of$200,000 which includes als of $160,000 and intercompany sales of S40,000. Cost of goods ow $80 How much are consolidated sales. sold for Davis owns 60% of I arsen. In 2012Gulko reports Sales of $4,000,000, which 3. Gulkoes qrd party sales of $3,500,000 and intercompany sales of $500,000. Larsen any sales of $200,000 and total sales of $700,000. How much is Consolidated Sales. Hand owns 90% of Finger. In 2008, Hand purchased Land from third parties for $500,000. On January 1, 2012 Hand sells Land to Finger for $800,000. Finger holds the Land until December 31, 2015 and sells it for $2,000,000. a. How much is consolidated gain on sale of Land for the year ended December 31, 2012 b. How much is consolidated Land at December 31, 2012 c. How much is consolidated gain on sale of Land at December 31, 2015 d. At December 31, 2015 how much is debited to Retained Earnings as part of the necessary worksheet entry at that date 5. Parent buys building (useful life 10 years) for $3,000,000 on January 1, 2012. On that same date, parent sells building to 80% owned subsidiary for $4,000,000. Subsidiary will use the same 10 year depreciable life. a. How much depreciation expense will the subsidiary record in 2012. D. How much is consolidated depreciation expense in 2012. . How much is the worksheet entry to eliminate excess depreciation in 2012