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Company A holds 70 percent of the voting shares of Company B.During 20X8,Company B sold land with a book value of $125,000 to Company A for $150,000.Company A continues to hold the land at the end of the year.The companies file separate tax returns and are subject to a 40 percent tax rate.Assume that Company A uses the fully adjusted equity method in accounting for its investment in Company B.
-Based on the information given,which eliminating entry relating to the intercorporate sale of land is to be entered in the consolidation worksheet prepared at the end of 20X8?
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