In the preparation of consolidated financial statements subsequent to the year in which a subsidiary sold land to the parent company, the unrealized gain on the sale is removed by a working paper elimination (in journal entry format) that debits Intercompany Gain on Sale of Land-Subsidiary and credits Land-Parent.

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The Answer of In the preparation of consolidated financial statements subsequent to the year in which a subsidiary sold land to the parent company, the unrealized gain on the sale is removed by a working paper elimination (in journal entry format) that debits Intercompany Gain on Sale of Land-Subsidiary and credits Land-Parent.

In the Preparation of Consolidated Financial Statements Subsequent to the Year