Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago. Provide the workpaper entry to make when P sells the land to Q 3 years later for 15k. Assume P owns 80% of S; taxes are filed separately by P and S at 40%. [MI/NCI net: 120 cr.] 

Answer rating: 100% (QA)

P is the holding company of S 80 shares owned by P of S S... View the full answer