On jan 1 2013 the sub acquires land at a cost of 250000 and, Ask an Expert

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On Jan 1, 2013, the Sub acquires land, at a cost of $250,000 and a Building with a cost of $625,000. The building has a $50,000 salvage value and a 15 year estimated useful life. On Jun 30, 2020, the Sub sells the land and the building to the parent for $1,250,000 (30% land & 70% building). The Sub is 75% owned by the Parent.

Required:

Prepare the Elimination & Adjustment entries for 2020 and 2021.

What is the impact on the Sub’s internally generated profit for 2020 and 2021?

What is the impact on the NCI Net Income for 2020 & 2021?

What is the value reported on the Consolidated Balance Sheet for Land & Building & Accumulated Depreciation for 2020 & 2021?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91968956

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