A parent sells land costing $40,000 to a subsidiary in 2018 for $55,000. The subsidiary sells the

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A parent sells land costing $40,000 to a subsidiary in 2018 for $55,000. The subsidiary sells the land in 2020 to a third party for $65,000. On the consolidated income statement for 2020, the gain on sale of land is:

a. $15,000

b. $10,000

c. $0

d. $25,000

Related Book For answer-question

Advanced Accounting

ISBN: 978-1934319307

2nd edition

Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III

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Posted Date: Dec 19, 2018 09:59 AM

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A parent sells land costing $40,000 to a subsidiary in 2018 for $55,000. The subsidiary sells the

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d 25000 Explanation SP ... View the full answer

Advanced Accounting

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