Gottlieb Owned a Cottage Lot Which Had Frontage on a Lake

question 40

True/False

Gottlieb owned a cottage lot which had frontage on a lake. He later granted a 30-metre wide right of way to Baxter, who had a lot behind his lot, to enable Baxter to reach the lakeshore to launch his power boat. The next year, Baxter built a boathouse on the 30-metre strip in which to store his boat during the winter months. When Gottlieb discovered the boathouse a few months later, he hired a bulldozer, and pushed the boathouse off the land, and into the lake. Gottlieb is the owner of the land, subject only to Baxter's right of way on the 30-metre strip of property.

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Definitions:

Consolidated Balance Sheet

A financial statement that shows the aggregated financial position of a parent company and its subsidiaries.

Minority Interests

Shareholders' equity in a subsidiary not wholly owned by the parent company, representing minority shareholders' proportion.

Consolidation Adjustments

Adjustments made to the financial statements when combining the financial information of a parent company and its subsidiaries to prepare consolidated financial statements.

Consolidated Financial Statements

Financial reports that aggregate the financial position, results of operations, and cash flows of a parent company and its subsidiaries into one document.