Parents co sold land to its subsidiary which cost $15,000 for10,000,during 2019 subsidiary resold the...
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Parents co sold land to its subsidiary which cost $15,000 for10,000,during 2019 subsidiary resold the land for 20,000 to third party in 2020 .the realized income reported in 2019 will be?
Select one: a. 0 b. 10,000 loss c. 5,000 loss d. 5,000 profit P Co acquired an 80% interest in S Co on1/1/2014, when the book values of S assets and liabilities were equal to their fair values.The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014,P sold merchandise that cost $70,000 to S for $86,000. On 31/12/2014, three-fourths of the merchandise acquired from P remained in S inventory. Separate incomes (investment income not included) of the two companies are as follows:
P S
Sales Revenue $180,000 $160,000
Cost of Goods Sold 120,000 90,000
Operating Expenses 17,000 21,000
Separate incomes $ 43,000 $ 49,000
The consolidated income statement for P Corporation and subsidiary for the year ended 31/12/2014 will show consolidated cost of sales of
Select one: a. $ 120,000 b. $210,000 c. $136,000 d. $148,000
Parents co sold land to its subsidiary which cost $15,000 for10,000,during 2019 subsidiary resold the land for 20,000 to third party in 2020 .the realized income reported in 2019 will be?
P Co acquired an 80% interest in S Co on1/1/2014, when the book values of S assets and liabilities were equal to their fair values.The cost of the 80% interest was equal to 80% of the book value of S net assets. During 2014,P sold merchandise that cost $70,000 to S for $86,000. On 31/12/2014, three-fourths of the merchandise acquired from P remained in S inventory. Separate incomes (investment income not included) of the two companies are as follows:
P S
Sales Revenue $180,000 $160,000
Cost of Goods Sold 120,000 90,000
Operating Expenses 17,000 21,000
Separate incomes $ 43,000 $ 49,000
The consolidated income statement for P Corporation and subsidiary for the year ended 31/12/2014 will show consolidated cost of sales of
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