Parent purchases Land on January 1, 2009 for $100,000. On January 1, 2010 parent sells land to
Fantastic news! We've Found the answer you've been seeking!
Question:
a How much gain on sale does the parent record in 2010.
b.How much does the subsidiary record the land for on its books in 2010
c.How much is consolidated gain on sale of land in 2010.
.d.How much gain does the subsidiary record on its books in 2014.
e. How much is consolidated gain on sale of land in 2014. f. How much is debited to retained earnings in 2014.
2.Rollins owns 100% of Felix. Rollins purchased equipment on January 1, 2002 for $100,000. The equipment had a useful life of 10 years and straight line depreciation was used. On January 1, 2009 Rollins sells this equipment to Felix for $80,000. Felix uses a 5 year depreciable life for the equipment and continues to use the equipment through 2010.
a. How much gain on sale does Rollins record in 2009
b. How much does Felix record the purchase for in 2009.
c. How much is the consolidated gain on sale of equipment in 2009.
d. How much is consolidated Equipment and Accumulated Depreciation at December 31, 2009
e. How much is consolidated Equipment and Accumulated Depreciation at December 31, 2010
f. What is the worksheet debit and credit entry to record excess depreciation in 2009?
g.What is the worksheet debit and credit entry to record excess depreciation in 2010
h. What additional worksheet entry is needed in 2009?
i. What additional worksheet entry is needed in 2010?
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date: