ABC Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the land to its subsidiary, XYZ Corporation, for $70,000. ABC owns 80 percent of XYZ's voting shares.
Based on the preceding information, what will be the worksheet eliminating entry to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X8?

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The Answer of ABC Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the land to its subsidiary, XYZ Corporation, for $70,000. ABC owns 80 percent of XYZ's voting shares.
Based on the preceding information, what will be the worksheet eliminating entry to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X8?

ABC Corporation Purchased Land on January 1, 20X6, for $50,000