Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. company a (parent) owns 90% of the common stock of

Company A (Parent) owns 90% of the common stock of Company B (Subsidiary). At the...

50.1K

Verified Solution

Question

Accounting

Company A (Parent) owns 90% of the common stock of Company B (Subsidiary). At the beginning of 2015, Company B sold land that had a book value of $35,000 to Company A for $50,000.

8. What elimination entry is needed, related to the sale of land from Company B to Company A, in the consolidation worksheet for 2017? Debit Retained Earnings Company A $13,500, Debit Retained Earnings Company B $1,500, Credit Land $15,000

May someone explain how to get to the answer?

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

Chemistry
1.2K views

using three enzymatic steps propose a pathway for the conversion of alpha ketoglutartate to 2-oxoadipate. Draw...

Basic Math
1.2K views

Discuss the importance of data representation methods for presentation of research findings. Why are certain data visualization...

Advance Math
1.2K views

1. Magnitude & Direction of Vector Write a function m-file to find the magnitude and the...

Biology
1.2K views

Patterns in biogeography have revealed that species that share more recen common ancestors also tend...

Physics
1.2K views

21 A block of mass m is kept on a horizontal ruler The friction coefficient...

Basic Math
1.2K views

Select the statement that explains onedifferences between the graphs off(x) = 5xand g(x)=1/5x2The graph of...

Algebra
1.2K views

Solve the given equation if we know that x 3 is a solution of the...

Accounting
1.2K views

Is it ethical for a fraud investigator not to include something in a report that...

Accounting
1.2K views

Exercise 8-20 (Algorithmic) (LO. 2) Hamlet acquires a 7-year class asset on November 23, 2020,...

Accounting
1.2K views

Department W had 2,460 units, one-third completed at the beginning of the period; 13,100 units...

Accounting
1.2K views

Scenario: Easton Corporation makes two different boat anchors a traditional fishing anchor and a...

Finance
1.2K views

0 22:36:14 Question #2 of 50 Which of the following is NOT a dividend option?...