In 2020, Jasper sold Penske inventory costing $350,000 for $500,000. As of December 31, 2020, Penske had resold only 15 percent of this inventory. In 2021, Penske bought $800,000 of inventory that had an original cost of $500,000 from Jasper. At the end of 2021, Penske held $280,000 of inventory acquired from Jasper, all from its 2021 purchases. At the end of 2021, Penske still owes Jasper $150,000. Provide the 2021 consolidation entries.
This year Penske sold Jasper land that originally cost $500,000 for $750,000. Provide the consolidation entry for the end of the year.
Jasper purchased a building from Penske for $1,000,000 on January 1st. The building originally cost $1,000,000 and had accumulated depreciation of $300,000. The building has a remaining useful life of 20 years. Prepare the December 31, consolidation entry. Prepare the consolidation entry for the year after the sell.
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