Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 16. stroud corporation is an 80%-owned subsidiary

16. Stroud Corporation is an 80%-owned subsidiary of Pennie, Inc., acquired by Pennie several years...

70.2K

Verified Solution

Question

Accounting

16. Stroud Corporation is an 80%-owned subsidiary of Pennie, Inc., acquired by Pennie several years ago. On January 1, 2017, Pennie sold land with a book value of $60,000 to Stroud for $90,000. Stroud resold the land to an unrelated party for $100,000 on September 26, 2018. The land will be included in the December 31, 2017 consolidated balance sheet of Pennie, Inc. and Subsidiary at ____. a. $48,000 b. $60,000 c. $72,000 d. $90,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Electrical Engineering
1.2K views

Design bcd adder diagram using 7486

Basic Math
1.2K views

James Madison, president of Madison Manufacturing, inc,. is considering whether to build more manufacturing plants in...

Biology
1.2K views

Which of the following best describes the function of the coenzymes NAD+ and FAD in...

Physics
1.2K views

6 94 Two lead spheres of 20 cm and 2 cm diameter are placed with...

Physics
1.2K views

A ray of light incident at an angle 0 on a refracting face of a...

Geometry
1.2K views

7 Triangle A B C is the image of ABC after a dilation centered at...

Basic Math
1.2K views

O TRIGONOMETRIC FUNCTIONS Coterminal angles Try Again Your answer is incorrect a Your answer is...

Statistics
1.2K views

Assume that a normal distribution of data has a mean of 17 and a standard...

Accounting
1.2K views

Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution format...

Accounting
1.2K views

Edison Company has 5,000 obsolete desk lamps that are carried in inventory at a manufacturing...

Accounting
1.2K views

WALMART INCORPORATED Consolidated Balance Sheets (\$ in millions except per share data) Amounts in millions...

Finance
1.2K views

Suppose the European Union (EU) was investigated and proposed a merger between two of the...