A parent sold land costing $1,000,000 to its subsidiary in 2018 for $1,400,000. The land is still held by the subsidiary. The parent owns 80% of its subsidiary. The eliminating entry necessary for this intercompany transaction on the 2020 consolidation working paper includes:

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The Answer of A parent sold land costing $1,000,000 to its subsidiary in 2018 for $1,400,000. The land is still held by the subsidiary. The parent owns 80% of its subsidiary. The eliminating entry necessary for this intercompany transaction on the 2020 consolidation working paper includes:

A Parent Sold Land Costing $1,000,000 to Its Subsidiary in 2018