Huckster Corporation purchased land on January 1, 20X1, for $20,000 On June 10, 20X4, it sold the land to its subsidiary, Lowly Corporation, for $30,000 Huckster owns 60 percent of Lowly 's voting shares Required a Give the worksheet elimination entries needed to remove the effects of the intercomp...

a Eliminating entry December 31 20X4 Gain on Sale of Land 10000 ...

Huckster Corporation purchased land on January 1, 20X1, for $20,000. On June 10, 20X4, it sold the

Question:

Huckster purchased land on January 1, 20X1, for $20,000. On June 10, 20X4, it sold the land to its subsidiary, Lowly for $30,000. Huckster owns 60 percent of Lowly's voting shares.

Required
a. Give the worksheet elimination entries needed to remove the effects of the intercompany sale of land in preparing the consolidated for 20X4 and 20X5.
b. Give the worksheet elimination entries needed on December 31, 20X4 and 20X5, if Lowly had initially purchased the land for $20,000 and then sold it to Huckster on June 10, 20X4, for $30,000.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...