Multiple Choice
Several years ago, P Company bought land from S Company, its 80% owned subsidiary, at a gain of $50,000 to S Company. The land is still owned by P Company. The consolidated working papers for this year will require:
A) no entry because the gain happened prior to this year.
B) a credit to land for $50,000.
C) a debit to P's retained earnings for $50,000.
D) a debit to Noncontrolling interest for $50,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q14: In January 2014, S Company, an 80%
Q15: P Company purchased land from its 80%
Q16: In the year an 80% owned subsidiary
Q17: When there have been intercompany sales of
Q18: On January 1, 2008, Perry Company purchased
Q20: Company S sells equipment to its parent
Q21: P Company purchased land from its 80%
Q22: P Company bought 60% of the common
Q23: In January 2013, S Company, an 80%
Q24: In 2017, P Company sells land to