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Problem 1: Palomino Corporation purchased land from its 60%-owned subsidiary, Salmon Inc., in 2016 at a cost $30,000 greater than Salmon's book value. In 2019, Palomino sold the land to an outside entity for $40,000 more than Palomino's carrying amount. The 2019 consolidated income statement reported a gain on the sale of land of
A. $70,000.
B. $42,000.
C. $40,000.
D. $58,000.
Problem 2: Which of the following is an example of an unrealized gain or loss on intercompany sale of equipment?
A. Any gain or loss on the sale of equipment recorded by any type of sale (either to an affiliate or to an outsider) by either the parent or the subsidiary.
B. A gain recorded only by the parent which should also be recorded by the subsidiary.
C. A difference between the parent's cost and the price which it sells the equipment to the subsidiary.
D. A subsidiary's gain or loss on the sale of equipment bought from the parent and now sold to an outsider.
Financial Statement Analysis and Preparation
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