Business, 10.06.2020 21:57, tryintopassenioryear

Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2012, for $75,000. The land originally cost Leo $60,000. Stiller reported net income of $125,000 and $140,000 for 2012 and 2013, respectively. Leo uses the equity method to account for its investment. On a consolidation worksheet, having used the equity method, what adjustment would be made for 2013 regarding the land transfer?

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Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2012, f...