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In the Year a Subsidiary Sells Land to Its Parent

Question 41

Multiple Choice

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.


A) 1
B) 2
C) 3
D) both 1 and 2.

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