Tark company a 90 owned subsidiary of parker inc. sold, Ask an Expert

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Tark Company, a 90% owned subsidiary of Parker, Inc., sold land to Parker on May 1, 2010, for $80,000. The land originally cost Stark $65,000. Parker sold the land it purchased from Stark in 2010 for $92,000 in 2012.

1. What amount of gain or loss should be reported on the consolidated financial statements for 2010?

2. Which of the following will be included in a consolidation entry for 2011?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947251

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