Company P holds 70 percent of the voting shares of Company S.During 20X8,Company S sold land with a book value of $125,000 to Company P for $150,000.Company P 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 P uses the fully adjusted equity method in accounting for its investment in Company S.
-Based on the information given,which consolidating entry relating to the intercorporate sale of land is to be entered in the consolidation worksheet prepared at the end of 20X8?
Definitions:
Meaning
The significance or understanding conveyed by a word, phrase, sentence, or text.
Lymphangiosarcoma
A rare and aggressive form of cancer that develops from the lymphatic system, often associated with chronic lymphedema.
Combining Form
A linguistic element used in the construction of medical and scientific terminology that generally consists of a root and a vowel to ease pronunciation when combined with another form.
Cancer
A broad term for a large group of diseases characterized by the uncontrolled growth and spread of abnormal cells in the body.
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