a. Prepare the required 10 consolidation entry in 2015. Description Du Gain Land Cash 50,000 Accounts receivable 04 b. Prepare the required [] consolidation entry required at the end of each year 2016 through 2018 Description Debit Creda gain Retained earnings 50,000✔ Land Land Dan Equity in c. Assume that the parent re-sells the land outside of the consolidated group for $525,000 on December 31, 2019. Prepare the journal entry made by the parent to record the sale and the required 0 comodation entry for 2019. Description Credit Dobit 525,000 04 ✔ Cred 25,000 50,000 0✔ 50,000 500,000 25,000 x d. What will be the amount of gain reported in the consolidated income statement in 2019 $ 75,000
a. Prepare the required 10 consolidation entry in 2015. Description Du Gain Land Cash 50,000 Accounts receivable 04 b. Prepare the required [] consolidation entry required at the end of each year 2016 through 2018 Description Debit Creda gain Retained earnings 50,000✔ Land Land Dan Equity in c. Assume that the parent re-sells the land outside of the consolidated group for $525,000 on December 31, 2019. Prepare the journal entry made by the parent to record the sale and the required 0 comodation entry for 2019. Description Credit Dobit 525,000 04 ✔ Cred 25,000 50,000 0✔ 50,000 500,000 25,000 x d. What will be the amount of gain reported in the consolidated income statement in 2019 $ 75,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 30E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Reporting, Financial Statement Analysis…
Finance
ISBN:
9781285190907
Author:
James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning