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Prepare the entries on the books of procter

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Point 1: Procter Company owns 90% of the outstanding stock of Silex Company. On January 1, 2014, Silex Company sold land to Procter Company for $325,100. Silex had originally purchased the land on June 30, 2010, for $218,400.

Point 2: Procter Company plans to construct a building on the land bought from Silex in which it will house new production machinery. The estimated useful life of the building and the new machinery is 15 years.

Question 1: Prepare the entries on the books of Procter related to the intercompany sale of land for the year ended December 31, 2014, and December 31, 2015.

Reference no: EM132476260

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