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Question - Renner Company sold land to Bethany Enterprises, its parent, on June 1, 2020. The sale price was $218,000. The land originally cost Renner $239,000. Renner reported net income of $400,000 and $496,000 for 2020 and 2021, respectively. Bethany sold the land it purchased from Renner for $228,000 in 2022.
Q1. What is the balance in the pre-consolidation Income (loss) from Subsidiary account for 2020?
a. $379,000
b. $400,000
c. $411,000
d. $421,000
Q2. What is the consolidated amount of gain or loss on sale of land for 2022?
a. $10,000 gain
b. $10,000 loss
c. $11,000 loss
d. $21,000 loss
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