Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k...
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Accounting
Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago. Provide the workpaper entry to make when P sells the land to Q 3 years later for 15k. Assume P owns 80% of S; taxes are filed separately by P and S at 40%. [MI/NCI net: 120 cr.]
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