Accounting Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago. Provide the workpaper entry to make when P sells the land to Q 3 years later for 15k. Assume P owns 80% of S; taxes are filed separately by P and Sat 40%. [MI/NCI net: 120 cr.]
Accounting Sundae Inc. sells land to Parfait Co. for 9k. The land had cost S 10k 5 years ago. Provide the workpaper entry to make when P sells the land to Q 3 years later for 15k. Assume P owns 80% of S; taxes are filed separately by P and Sat 40%. [MI/NCI net: 120 cr.]
Chapter19: Corporations: Distributions Not In Complete Liquidation
Section: Chapter Questions
Problem 37P
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Sir please help me
![Accounting
Sundae Inc. sells land to Parfait Co. for 9k. The
land had cost S 10k 5 years ago. Provide the
workpaper entry to make when P sells the land
to Q 3 years later for 15k. Assume P owns 80%
of S; taxes are filed separately by P and S at
40%. [MI/NCI net: 120 cr.]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b5ac95a-696e-4c84-b65d-7eb2f9dfa182%2Fe456531a-cbe8-4ada-aff6-ec7b67a90464%2F585kt4t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Accounting
Sundae Inc. sells land to Parfait Co. for 9k. The
land had cost S 10k 5 years ago. Provide the
workpaper entry to make when P sells the land
to Q 3 years later for 15k. Assume P owns 80%
of S; taxes are filed separately by P and S at
40%. [MI/NCI net: 120 cr.]
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