Sub sells land to Parent for $80,000 in 2010. Sub's cost of the land was $30,000. Parent holds the land for seven years then sells it to an outside party for $120,000. What amount of gain or loss will be realized on the 2017 consolidated income statement?

a. What is the journal entry to eliminate intercompany sales and cost of goods sold?

b.What is the journal entry to recognize deferred unrealized profits from beginning inventory?

C. What is the journal entry to eliminate intercompany profit in ending inventory from costs of goods sold and inventory?

Answer rating: 100% (QA)

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