Business, 23.09.2020 15:01, 1hannacarson

Assume that during 2015 a wholly owned subsidiary sells land that originally cost $360,000 to its parent for a sale price of $400,000. The parent holds the land until it sells the land to an unaffiliated company on December 31, 2019. The parent uses the equity method of pre-consolidation bookkeeping. a. Prepare the required [I] consolidation entry in 2015.
Description Debit Credit
[lgain] AnswerAccounts payableAccounts receivableAccumulated stockCost of goods soldDepreciation expenseEquipmentEquity investmentGain on saleLoss on earningsSales Answer Answer
AnswerAccounts payableAccounts receivableAccumulated stockCost of goods soldDepreciation expenseEquipmentEquity investmentGain on saleLoss on earningsSales Answer Answer
b. Prepare the required [I] consolidation entry required at the end of each year 2016 through 2018.
Description Debit Credit
[lgain] AnswerAccounts payableAccounts receivableAccumulated stockCost of goods soldDepreciation expenseEquipmentEquity investmentGain on saleLoss on earningsSales Answer Answer
AnswerAccounts payableAccounts receivableAccumulated stockCost of goods soldDepreciation expenseEquipmentEquity investmentGain on saleLoss on earningsSales Answer Answer
c. Assume that the parent re-sells the land outside of the consolidated group for $420,000 on December 31, 2019. Prepare the journal entry made by the parent to record the sale and the required [I] consolidation entry for 2019.
Description Debit Credit
AnswerAccounts payableAccounts receivableAccumulated stockCost of goods soldDepreciation expenseEquipmentEquity investmentGain on saleLoss on earningsSales Answer Answer
AnswerAccounts payableAccounts receivableAccumulated stockCost of goods soldDepreciation expenseEquipmentEquity investmentGain on saleLoss on earningsSales Answer Answer
Land Answer Answer
[lgain] AnswerAccounts payableAccounts receivableAccumulated stockCost of goods soldDepreciation expenseEquipmentEquity investmentGain on saleLoss on earningsSales Answer Answer
AnswerAccounts payableAccounts receivableAccumulated stockCost of goods soldDepreciation expenseEquipmentEquity investmentGain on saleLoss on earningsSales Answer Answer
d. What will be the amount of gain reported in the consolidated income statement in 2019?
$Answer

Answers: 3

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Assume that during 2015 a wholly owned subsidiary sells land that originally cost $360,000 to its pa...