In the same year nectar sold land costing 30000 to lorikeet, Ask an Expert

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Lorikeet Corporation acquired a 80% interest in Nectar Corporation on January 1, 2000 at a cost equal to book value and fair value. In the same year Nectar sold land costing $30,000 to Lorikeet for $50,000 On July 1, 2005, Lorikeet sold the land to an unrelated party for $110,000. What was the gain on the consolidated income statement?

A-$48,000

B -$60,000

C-$64,000

D-$80,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9412193

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