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On June 30, 2012, Parent Company Sold Some Land to Its

question 34

Multiple Choice

On June 30, 2012, Parent Company sold some land to its subsidiary for $240,000. The land had cost Parent Company $120,000 when it was acquired three years previously. The transaction was subject to income tax at a rate of 20%. On June 30, 2014, the subsidiary sold the land to an outside party for $275,000. This transaction was also subject to income tax at a 20% rate. Parent Company owns 75% of the outstanding shares of its subsidiary and accounts for its investment using the cost method. What effect will the adjustment for the realization of the intercompany gain (in the preparation of the consolidated income statement) have on the non-controlling interest in income for 2014?

Explore the influence of age and developmental stage on the perception and understanding of death.

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Definitions:

Task Composition

The way in which a task is broken down and organized into smaller components or steps to facilitate accomplishment.

Cross-functional Teams

Teams composed of members from different departments within an organization, working towards a common goal.

Virtual Teams

Groups of people who work together toward common goals through electronic communications technology, despite geographical separation.

Virtual Teams

Groups of individuals who work together from different geographical locations, connected by technology such as email, video conferencing, and collaborative software.