I wont solve Q.1Relana corporation owned 75% of Shan company and in 25/6/2005 Relana, soldland at $ 60,000 with original cost $ 40,000 to Shan company.In 24/7/2007 Shan company sold the land to outsiders at $ 80,000.Required:Prepare the eliminating for the intercompany transaction for 2005, 2006, and 2007

Relana owned 75% of Shan Co. which means Relana Co is holding…

Answered: Relana corporation owned 75% of Shan…

Business

Accounting

Relana corporation owned 75% of Shan company and in 25/6/2005 Relana. Shon company.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Not sure what i'm doing wrong.

A: Direct labor cost budget shows the total direct labor cost and number of direct labor hours needed…

Q: he net present value is incorrect. Can you try the problem again?

A: Net Present Value (NPV) The difference between the present value of the cash outflow and inflow at…

Q: not sure why, but that is not the correct solution to the question.

A: Present value With future value (FV), periodic interest rate (r) and period (n), the present value…

Q: Unfortunately it says that that is wrong, thats the answer i came up with at first also

A: Annual payment (A) = $1050 Annual interest rate (r) = 0.06 or 6% Period (p) = 21 years Total value…

Q: y question is that I put the answer and for some reason is wrong

A: Annuity is a series of equal payments at equal interval for a specified period. With periodic rate…

Q: All of the answers you gave me is incorrect

A: Material variance is the difference between the actual cost of direct materials and the expected…

Q: didnt solve the whole problem

A: Gross profit is the difference between revenue and cost of goods sold Gross profit % is gross…

Q: This cannot be correct: I have options of this a. (i) only b. (ii) only c. (iii) only d. (i)…

A: As per the business combination standard (IFRS 3) only acquisition method will be used for…

Q: Need more explaniation for part C but I don't think it's the right answer. I got a different answer…

A: Preferred stocks carry a fixed rate of dividend and these are preferred in payment of dividends as…

Q: Why would a proposal not be accepted

A: A proposal refer to a document containing details of how to implement the plans for achieving the…

Q: This is wrong.....>2023 is not 19870.07. Please try again. The rest is right.

A: Lease Amount of Year 6 = a = $1596 millionTime = t = 6 YearsDiscount Rate = r = 6%

Q: nt I think the answer for present value is wrong, when I solve it on excel it gives me a

A: Price of bond is the present value of coupon payment and present value of par value of bond based on…

Q: If you approach a decision in the spirit of 'trial and error', you often O a. irreversible Ob. O b.…

A: A type of learning in which the organism successively tries various responses in a situation,…

Q: the answer is wrong and i still couldnt get past the question.

A: Horizontal Analysis - Under Horizontal Analysis two years ledgers are compared of the same company.…

Q: they didnot answer it completely,

A: d. The total amount of interest that will be paid over the life of the loan is: Sum of all periodic…

Q: Can you explain b more? I'm not entirely comprehending it.

Q: the last one is showing wrong

A: Answer 3) When a special order circumstance occurs, management must compute the necessary costs to…

Q: the last answer is incorrect, try again

A: Future value of the amount is the amount of deposit done and amount of interest accumulated over the…

Q: I have problems in understanding the concept of "risk aversion" Which of the following is correct?…

A: Risk-averse investment strategies- 1.Depositing money into a high-yielding savings account at a bank…

Q: I still don't understand and the answer to project X, Y and Z isn't correct. I got a different…

A: Variables in the question: Project X Project Y…

Q: Thornton Manufacturing Company produced 2,000 units of inventory in January 2018. It expects to…

A: a. Pre determined over head rate = (Supplies + Salaries + Depreciation + Utilities + Rental fee) Pre…

Q: You didn't answer the second part of the questions! :)

A: Variables in the question:N=10 yearsEarning this year= $30,000 Yearly wage increase=4%

Q: he answer provided does not support the question. which makes

A: Depreciation under Straight Line method is computed as below: Straight Line method = [(Cost of asset…

Q: Why do we ignore the residual value?

A: Residual value refers to the estimated amount or the value of the fixed asset at the end of the term…

Question

I wont solve

Q.1
Relana corporation owned 75% of Shan company and in 25/6/2005 Relana, sold
land at $ 60,000 with original cost $ 40,000 to Shan company.
In 24/7/2007 Shan company sold the land to outsiders at $ 80,000.
Required:
Prepare the eliminating for the intercompany transaction for 2005, 2006, and 2007

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What is Descartes's account of error? How do we make one and how can we avoid making one?
do you not see the solution you provided is the exact one i submitted, it says it's wrong..
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
Doing nothing is a viable investment alternative. True or False?
It says they answers are wrong from your example.