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What would the correct consolidated journal entry

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Question - Company A purchases land for $10,000 and then sells it the next day to its subsidiary, Company B, for $25,000. The land has a fair market value of $30,000, and Company B believes it can sell it in the future for $40,000. What would the correct consolidated journal entry be to eliminate the distortion created by this intercompany land transfer?

Reference no: EM133091448

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