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xeze [42]
3 years ago
13

PrintItem 4Item 4 On November 8, 2018, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $61,500 and

was sold to Wood for $89,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized?
Business
1 answer:
IRISSAK [1]3 years ago
3 0

Answer: When Wood Co. sells the land to a third party.

Explanation: As stated in the question, Wood Co. who purchased the land is a subsidiary of the seller, Power Corp., the parent company. In a consolidated financial statement whereby financial reports of all entities, subsidiaries and all financial attachment of a corporate establishment is accounted for.

Power Corp. owns the entirety of Woods Co. and therefore during a consolidated financial statement reporting, the profit made by Power Corp. from the sale of the land must be recorded when the land is purchased from Woods Co. by a third party.

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3 0
2 years ago
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Ksju [112]

Answer:

$65,333

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8 0
3 years ago
Question 1(Multiple Choice Worth 10 points)
san4es73 [151]

Answer:

Option A, Increased mental stress

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8 0
2 years ago
The elasticity of supply measures how responsive:
slega [8]

Answer:

the quantity supplied is to a change in price. 

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Brut [27]

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I hope you find this information useful and interetsing! Good luck!

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3 years ago
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