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Prepare the worksheet consolidation entries needed to remove

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Question - Paragraph Corporation purchased land on January 1, 20X1, for $18,000. On June 10, 20X4, it sold the land to its subsidiary, Sentence Corporation, for $32,500. Paragraph owns 60 percent of Sentence's voting shares.

Required -

a. Prepare the worksheet consolidation entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X4 and 20X5.

b. Prepare the worksheet consolidation entries needed on December 31, 20X4 and 20X5, if Sentence had initially purchased the land for $18,000 and then sold it to Paragraph on June 10, 20X4, for $32,500.

Reference no: EM133184763

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