A subsidiary sells land costing $2,000,000 to its parent in 2014 for $2,500,000. The parent owns 90

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A subsidiary sells land costing $2,000,000 to its parent in 2014 for $2,500,000. The parent owns 90 percent of the subsidiary's stock. In 2017, the parent sells the land to an outside party for $700,000.

What eliminating entry (1) is required on the 2017 consolidation working paper?

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Advanced Accounting

ISBN: 978-1934319307

2nd edition

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

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Posted Date: Jul 11, 2023 01:06 AM

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A subsidiary sells land costing $2,000,000 to its parent in 2014 for $2,500,000. The parent owns 90

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Advanced Accounting

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