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  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...

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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

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