Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pretty purchases all the common stock of star at $

Pretty purchases all the common stock of Star at $10,000 more than book value in...

80.2K

Verified Solution

Question

Accounting

Pretty purchases all the common stock of Star at $10,000 more than book value in 20X1. All the differential relates to land that Star had purchased earlier for $25,000. Star than sells the land to an unrelated company for 32,000 in 20X2.

Questions:

  1. Give the book entry required by Pretty in relation to the sale of land.
  2. Give the consolidation entry required by Pretty in relation to the sale of land.

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

Basic Math
1.2K views

a Sketch the graph of the parametric curve x 3 sint 3 y 4 cos...

Biology
1.2K views

Describe the carbon fixation reactions of photosynthesis. Be sure to mention the following: (a) the three major...

Programming
1.2K views

Create design document for a program that will allow the user: Convert a number to binary. Convert from...

Physics
1.2K views

I need artıcles pdf or wored about Thermoluminescence dose response of the crystals grown naturally on...

Biology
1.2K views

Post transcription RNA will be edited by a spliceosome to remove the A exons C...

Geometry
1.2K views

Use the figure to determine the radian measure of angle 0 0

Accounting
1.2K views

This Question: 1 pt Select the reason(s) for using standard costs O A. pricing decisions...

Accounting
1.2K views

Smith Corporation issues $2,200,000, 10-year, 8% bonds payable at a price of 96. The journal...

Accounting
1.2K views

Problem 8-29(Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] The following data...

Accounting
1.2K views

Sweeten Company had no jobs in progress at the beginning of the year and no...

Accounting
1.2K views

what is the difference between simple costing and abc

Accounting
1.2K views

III. Problem 2, Total Marks: 15 Marks You are the marketing manager of...