How would the consolidation entries in requirement (a) have differed if Abbey had sold a building...

Transcribed Image Text:

How would the consolidation entries in requirement (a) have differed if Abbey had sold a building on January 2, 2023, with a $60,000 book value (cost of $140,000) to Bellstar for $100,000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. view transaction list Consolidation Worksheet Entries 2 Prepare Entry *TA to defer the intra-entity gain as of the beginning of the year. Note: Enter debits before credits. Transaction Accounts Debit Credit Record entry Clear entry view consolidation entries Show less How would the consolidation entries in requirement (a) have differed if Abbey had sold a building on January 2, 2023, with a $60,000 book value (cost of $140,000) to Bellstar for $100,000 instead of land, as the problem reports? Assume that the building had a 10-year remaining life at the date of transfer. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. view transaction list Consolidation Worksheet Entries 2 Prepare Entry *TA to defer the intra-entity gain as of the beginning of the year. Note: Enter debits before credits. Transaction Accounts Debit Credit Record entry Clear entry view consolidation entries Show less

Answer rating: 100% (QA)

It seems like youre describing a scenario involving accounting concepts possibly related to a busine... View the full answer