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How much land reported on the consolidated balance sheet

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Reference no: EM133132757

Question - On January 1, 2015, Maria, Inc. acquired 100% of the voting shares of Sandro, Inc.

In 2020, Maria sold land with a book value of $250,000 to Sandro for $240,000.

In 2022 Sandro sells the land to a company outside the consolidated group for $300,000.

Required -

1. How much will land be reported for on the 2020 Consolidated Balance Sheet?

2. Prepare the consolidation entry needed to prepare the 2020 financial statements.

3. For how much will the gain from the sale of the land be reported in the 2022 Consolidated Income Statement?

Reference no: EM133132757

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