H3. Lion Ltd. owns 80% of Paws Co.On 1/1/2020, Paws transferredland to Lion with an original costof$50,000 at a transfer price of$60,000. On 1/1/2022, Lion soldthe land to a third party for$90,000.Record the TL entry for12/31/2020, the * TL at12/31/2021 and the * TL at12/31/2022.

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On 1/1/2020, Paws transferre land to Lion with an original c of $50,000 at a transfer price of $60,000. On 1/1/2022, Lion s the land to a third party for $90,000. Record the TL entry for 12/21/2020 the Tat

On 1/1/2020, Paws transferre land to Lion with an original c of $50,000 at a transfer price of $60,000. On 1/1/2022, Lion s the land to a third party for $90,000. Record the TL entry for 12/21/2020 the Tat

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 15DQ

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