Lorikeet Corporation acquired an 80% interest in Nectar Corporation on January 1, 2000 at a cost equal
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Lorikeet Corporation acquired an 80% interest in Nectar Corporation on January 1, 2000 at a cost equal to book value and fair value. In the same year Nectar sold land costing $30,000 to Lorikeet for $50,000 On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What was the gain on the consolidated income statement?
Related Book For
Advanced Accounting
ISBN: 9780132568968
11th Edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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