Par Inc. owns 70% of Sent Inc's voting shares Sent purchased land for 560.000 and then sold it to Par on June 1o, 2019. for $90.000. Which of the following statements are TRUE regarding the worksheet consolidation entries needed on December 31. 2019 and 2020 to remove the effects of the intercompany sale of land? The December 31. 2019, worksheet consolidation entry includes a debit to Gain on Sale of Land of $30,000. The December 31, 2019, worksheet consolidation entry includes a credit Land of $30,000. The December 31, 2020, worksheet consolidation entry includes a debit to Investment in Sent of $21.000.

Par Inc. owns 70% of Sent Inc's voting shares Sent purchased land for 560.000 and then sold it to Par on June 1o, 2019. for $90.000. Which of the following statements are TRUE regarding the worksheet consolidation entries needed on December 31. 2019 and 2020 to remove the effects of the intercompany sale of land? The December 31. 2019, worksheet consolidation entry includes a debit to Gain on Sale of Land of $30,000. The December 31, 2019, worksheet consolidation entry includes a credit Land of $30,000. The December 31, 2020, worksheet consolidation entry includes a debit to Investment in Sent of $21.000.

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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