Description of this paper

Make the consolidated eliminating entries for the intercompany land sales for each year, 2012, 2013, 2014.

Description

solution


Question

Petronet owns 60% of Sahara, acquired on January 1, 2012. On June 30, 2012, Sahara sold land to Peronet for $2,000,000. Sahara had carried the land on its books at $800,000. This is the only intercompany transaction. Petronet sold the land to an outside party on January 1, 2014 for $3,000,000. Make the consolidated eliminating entries for the intercompany land sales for each year, 2012, 2013, 2014.

 

Paper#20824 | Written in 18-Jul-2015

Price : $27
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