Goku Corporation is an 80% owns subsidiary of Vegeta Corporation. In 2018,Goku sold land net cost of P30,000 to Vegeta for P50,000. Vegeta held the landfor 8 years before selling it in 2019 to Frieza Company, an unrelated entity, forP110,000. The consolidated income statement of Vegeta and its subsidiary in2019, Goku, will show a gain on the sale of land of:80,00060,00032,00048,000

Consolidated income statement includes the summary of cost and revenues of the parent and subsidiary…

Goku Corporation is an 80% owns subsidiary of Vegeta Goku sold land net cost of P30,000 to Vegeta for P50,0 for 8 years before selling it in 2019 to Frieza Company, ar P110,000. The consolidated income statement of Vegeta 2019, Goku, will show a gain on the sale of land of: O 80,000 O 60,000 O 32,000

Goku Corporation is an 80% owns subsidiary of Vegeta Goku sold land net cost of P30,000 to Vegeta for P50,0 for 8 years before selling it in 2019 to Frieza Company, ar P110,000. The consolidated income statement of Vegeta 2019, Goku, will show a gain on the sale of land of: O 80,000 O 60,000 O 32,000

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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Question

Goku Corporation is an 80% owns subsidiary of Vegeta Corporation. In 2018,
Goku sold land net cost of P30,000 to Vegeta for P50,000. Vegeta held the land
for 8 years before selling it in 2019 to Frieza Company, an unrelated entity, for
P110,000. The consolidated income statement of Vegeta and its subsidiary in
2019, Goku, will show a gain on the sale of land of:
80,000
60,000
32,000
48,000

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