Durable Metals Corporation holds an 80% equity stake in Green Mining Incorporated. On January 1, 20X1, Durable Metals sold land costing $300,000 to Green Mining for $360,000. On December 31, 20X1, Durable Metals had $800,000 of land in its financial statements, and Green Mining had land valued at $500,000, including its purchase of land from Durable Metals. Calculate the amount of land in the consolidated financial statements on December 31, 20X1.

Answer rating: 100% (QA)

To calculate the amount of land in the consolidated financial statements on December 31 20X1 we need ... View the full answer