Business, 06.03.2020 19:05 alexwlodko
1. A parent company sells land to its wholly-owned subsidiary in 2015, reporting a gain of $35,000. In 2020, the subsidiary sells the land to an outside developer and reports a gain of $60,000. In the 2020 consolidation working paper, the elimination of this transaction will result in: A. A $35,000 increase in gain on sale of land B. A $95,000 decrease in land C. A $35,000 decrease in beginning retained earnings D. A $60,000 increase in investment in subsidiary
Answers: 2
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