Multiple Choice
In the year a subsidiary sells land to its parent company at a gain, a workpaper entry is made debiting:
A) Retained Earnings - P Company
B) Retained Earnings - S Company
C) Gain on Sale of Land
D) both Retained Earnings - P Company and Retained Earnings - S Company
Correct Answer:
Verified
Correct Answer:
Verified
Q23: In January 2013, S Company, an 80%
Q24: In 2017, P Company sells land to
Q25: P Corporation acquired 80% of the outstanding
Q26: On January 1, 2017, Pharma Company purchased
Q27: Patriot Corporation owns 100% of Simon Company's
Q28: P Corporation acquired an 80% interest in
Q29: Gain or loss resulting from an intercompany
Q30: On January 1, 2016 S Corporation sold
Q31: When preparing consolidated financial statement workpapers, unrealized
Q32: An eliminating entry is needed to adjust