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
Chapter6: Corporations: Redemptions And Liquidations
Section: Chapter Questions
Problem 63P
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Transcribed Image Text: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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