Bongos acquired a 75% stake in Pizza Plaza on January 1, 2015 at a cost equivalent to book value and fair value. In the same year, Pizza Plaza sold land for a cost of $25,000 to Bongos for $50,000. On July 1, 2019, Bongos sold the land to an unrelated party for $85,000. What was the gain on the sale of the land in the 2019 consolidated statement?  

Answer rating: 100% (QA)

To determine the gain on the sale of land in the 2019 consolidated statement we need to consider the ... View the full answer