REFERENCE: Ref.05_10
Stark Company,a 90% owned subsidiary of Parker,Inc. ,sold land to Parker on May 1,2009,for $80,000.the land originally cost Stark $85,000.Stark reported net income of $200,000,$180,000,and $220,000 for 2009,2010,and 2011,respectively.Parker sold the land it purchased from Stark in 2009 for $92,000 in 2011.
-Which of the following will be included in a consolidation entry for 2009?
A) Debit loss for $5,000.
B) Credit loss for $5,000.
C) Credit land for $5,000.
D) Debit gain for $5,000.
E) Credit gain for $5,000.
Correct Answer:
Verified
Q43: Compute consolidated sales.
A) $10,000,000.
B) $10,126,000.
C) $10,140,000.
D) $10,200,000.
E)
Q57: REFERENCE: Ref.05_05
Gargiulo Company,a 90% owned subsidiary of
Q58: An intercompany sale took place whereby the
Q59: REFERENCE: Ref.05_07
On April 1,2009 Wilson Company,a 90%
Q61: REFERENCE: Ref.05_10
Stark Company,a 90% owned subsidiary of
Q63: REFERENCE: Ref.05_11
Pepe,Incorporated acquired 60% of Devin Company
Q64: REFERENCE: Ref.05_11
Pepe,Incorporated acquired 60% of Devin Company
Q65: REFERENCE: Ref.05_10
Stark Company,a 90% owned subsidiary of
Q66: REFERENCE: Ref.05_10
Stark Company,a 90% owned subsidiary of
Q67: REFERENCE: Ref.05_09
Stiller Company,an 80% owned subsidiary of
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