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murzikaleks [220]
3 years ago
9

Parent Corporation purchased land from S1 Corporation for $220,000 on December 26, 20X8. This purchase followed a series of tran

sactions between P-controlled subsidiaries. On February 15, 20X8, S3 Corporation purchased the land from a nonaffiliate for $160,000. It sold the land to S2 Company for $145,000 on October 19, 20X8, and S2 sold the land to S1 for $197,000 on November 27, 20X8. Parent has control of the following companies: Subsidiary Level of Ownership 2008 Net Income S3 80 percent $100,000 S2 70 percent 70,000 S1 90 percent 95,000 Parent reported income from its separate operations of $200,000 for 20X8. Based on the preceding information, what amount of gain or loss on sale of land should be reported in the consolidated income statement for 20X8?
Business
1 answer:
Tju [1.3M]3 years ago
7 0

Answer:

$0

Explanation:

The land will be reported at $160,000 in the consolidated balance sheet as of December 31, 20X8, but there will be no amount of gain or loss on sale of land

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Amounts withheld from employee's earnings for employee income tax is considered a _____ by the employer until the government is
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Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid

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Missing options:

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7 0
2 years ago
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7 0
3 years ago
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3 0
3 years ago
Read 2 more answers
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