Exam 7: Elimination of Unrealized Gains or Losses on Intercompany Sales of Property and Equipment
Exam 1: Introduction to Business Combinations and the Conceptual Framework29 Questions
Exam 2: Accounting for Business Combinations36 Questions
Exam 3: Consolidated Financial Statementsdate of Acquisition34 Questions
Exam 4: Consolidated Financial Statements After Acquisition44 Questions
Exam 5: Allocation and Depreciation of Differences Between Implied and Book Value35 Questions
Exam 6: Elimination of Unrealized Profit on Intercompany Sales of Inventory40 Questions
Exam 7: Elimination of Unrealized Gains or Losses on Intercompany Sales of Property and Equipment42 Questions
Exam 8: Changes in Ownership Interest27 Questions
Exam 9: Intercompany Bond Holdings and Miscellaneous44 Questions
Exam 10: Insolvency Liquidation and Reorganization31 Questions
Exam 11: International Financial Reporting Standards38 Questions
Exam 12: Accounting for Foreign Currency Transactions25 Questions
Exam 13: The Translation of Financial Statements of Foreign Affiliates38 Questions
Exam 14: Reporting for Segments and for Interim Financial Periods57 Questions
Exam 15: Partnerships: Formation, Operation, and Ownership Changes47 Questions
Exam 16: Partnership Liquidation45 Questions
Exam 17: Introduction to Fund Accounting36 Questions
Exam 18: Introduction to Accounting for State and Local Governmental Units25 Questions
Exam 19: Accounting for Nongovernment Nonbusiness Organizations:33 Questions
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In the year a subsidiary sells land to its parent company at a gain, a workpaper entry is made debiting
1)Retained Earnings - P Company.
2)Retained Earnings - S Company.
3)Gain on Sale of Land.
(Multiple Choice)
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P Company purchased land from its 80% owned subsidiary at a cost of $100,000 greater than it subsidiary's book value.Two years later P sold the land to an outside entity for $50,000 more than it's cost.In its current year consolidated income statement P and its subsidiary should report a gain on the sale of land of:
(Multiple Choice)
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