An intercompany gain on the sale of land is eliminated in the preparation of the consolidated statements

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An intercompany gain on the sale of land is eliminated in the preparation of the consolidated statements in the year that the gain was recorded. Will this gain be eliminated in the preparation of subsequent consolidated statements? Explain.

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Modern Advanced Accounting In Canada

ISBN: 9781259066481

7th Edition

Authors: Hilton Murray, Herauf Darrell

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Question Posted: Jun 08, 2015 07:15 AM

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An intercompany gain on the sale of land is eliminated in the preparation of the consolidated statements

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It will not be eliminated again on the consolidated income statement ...View the full answer

Modern Advanced Accounting In Canada

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