Company A owns 90 percent of the common stock of CompanyB. At the beginning of 2021, Company B sold a piece of landthat had a book value of $40,000 to Company A for $50,000. Atthe beginning of 2023, Company A sold the land to outsiders for$62.000. How much total gains on the sale of land should berecognized in the 2023 consolidated financial statements?10,800

Gains on sale of land recognised in financial statement is sales value - cost of land. However…

Answered: Company A owns 90 percent of the common…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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