Relana corporation owned 75% of Shan company and in 25/6/2005 Relana. Shon company.
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- On January 1, 2011 Bullock, Inc. sells land to its 80%-owned subsidiary, Humphrey Corporation, at a $20,000 gain. The land is sold by Humphrey to an outside party in 2013. What is the effect of the intercompany sale of land on 2011 consolidated net income? Select one: a.Consolidated net income will be $20,000 greater than it would have been had the sale not occurred. b.Consolidated net income will be $16,000 less than it would have been had the sale not occurred. c.Consolidated net income will be $20,000 less than it would have been had the sale not occurred. d.Consolidated net income will be the same as it would have been had the sale not occurred.P Company acquired an 80% interest in S Company on January 1, 2011, for an amount equal to book value. S Company sold land to P Company in 2011 at a profit of P5,000. The land is held by the buying affiliate firm until 2013, when it is sold to an unaffiliated party for a profit of P6,000. S Company reported net income for 2011, 2012, and 2013 of P30,000, P40,000 and P50,000, respectively. 1. The parent’s investment income for 2011 would be: 2. The 2013 consolidated income statement would reflect a gain on sale of land in the amount of 3. The WPEE on December 31, 2013, concerning the intercompany sale of land would include:Pineburst Inc. acquired an 80% interest in Smallwood Company in January 1, 2003, for an amount equal to book value. Smallwood sold land to Pineburst in 2003 at a profit of $5,000. The land is held by the buying affiliate firm until 2005, when it is sold to an unaffiliated party for a profit of $6,000. Smallwood reported net income for 2003, 2004, and 2005 of $30,000, $40,000, and $50,000, respectively. Assume that the 2003 intercompany transfer of land was upstream from Smallwood to Pinehurst. Prepare the consolidation worksheet adjustment journal entry on December 31, 2005, concerning the intercompany sale of land
- Pogo Corporation acquired a 75% interest in Sperry Corporation on January 1, 2011 at a cost equal to book value and fair value. In the same year Sperry sold land costing $25,000 to Pogo for $50,000. On July 1, 2014, Pogo sold the land to an unrelated party for $85,000. What was the gain on the sale of the land on the consolidated income statement for 2014? A. $25,000 B. $35,000 C. $60,000 D. $45,000When Jolt Co. acquired 75% of the common stock of Yelts Corp., Yelts owned land with a book value of $70,000 and a fair value of $100,000. What amount should have been reported for the land in a consolidated balance sheet, assuming the investment was obtained prior to the date the purchase method of accounting for new business combinations was discontinued? a) $92,500. b) $75,000. c) $85,000. d) $70,000. e) $100,000Pit Coporation owns 75% of Stop Company's outstanding common stock. On 08/28/21, Pit sold inventory to Stop in exchange for $540,000 cash. Pit had purchased the inventory on 05/02/21 at a cost of $324,000. On 12/21/21, Stop sold 80% of the inventory to 3rd parties at a cash price of $720,000. The other 20% of the inventory remains on hand at 12/31/21. The Consolidation Entry at Year End would include:
- Subsea Co will sell machinery (which was carried in its books at cost of $120,000 less accumulated depreciation $80,000) to Paron Co for $100,000. The machinery had a remaining useful life of 3 years on the date of the intercompany sale. What is the consolidated journal entry as at Dec 20x0 for: (a) If Paron Co acquires all the shares of Subsea Co (b) if Paron Co acquires 70% of the shares of Subsea CoP Company owns 80% of the outstanding common stock of S Company. On January 1. 2018, S Company sold land to P Company for OMR 500,000. S Company originally purchased the land for OMR 300,000. On January 1, 2019, P Company Sold the land purchased from S Company to a company outside the affiliated group for OMR 600,000. Prepare the journal entry of intercompany sales. Prepare in general journal form the workpaper entries necessary because of the inter company sale of land in the consolidated financial statements workpaper for the year ended December 31, 2019. Difference between Internal reconstruction and External reconstruction (Merger and acquisition)?Patch Corporation purchased land from Sub1 Corporation for $400,000 on December 3, 20X5. This purchase followed a series of transactions between Patch-controlled subsidiaries. On January 23, 20X5, Sub3 Corporation purchased the land from a nonaffiliate for $270,000. It sold the land to Sub2 Company for $240,000 on July 15, 20X5, and Sub2 sold the land to Sub1 for $275,000 on September 5, 20X5. Patch has control of the following companies: Subsidiary Level of Ownership 20X5 Net Income Sub3 60 percent $160,000 Sub2 90 percent $240,000 Sub1 70 percent $190,000 Patch reported income from its separate operations of $345,000 for 20X5. Based on the preceding information, at what amount should the land be reported in the consolidated balance sheet as of December 31, 20X5? $270,000 $240,000 $275,000 $400,000
