A parent sold land to its partially owned subsidiary during the year at a loss.The subsidiary continues to hold the land at the end of the year.The amount to be reported as consolidated net income for the year should equal:
A) the parent's separate operating income,plus the intercompany loss.
B) the parent's separate operating income,plus the intercompany loss,plus the subsidiary's net income.
C) the parent's separate operating income,minus the intercompany loss.
D) the parent's separate operating income,minus the intercompany loss,plus the subsidiary's net income.
Correct Answer:
Verified
Q21: Using the fully adjusted equity method,an intercompany
Q22: Plesco Corporation acquired 80 percent of Slesco
Q23: Plesco Corporation acquired 80 percent of Slesco
Q24: Paper Corporation owns 75 percent of Scissor
Q25: Pat Corporation acquired 80 percent of Smack
Q27: Pat Corporation acquired 80 percent of Smack
Q28: Paper Corporation owns 75 percent of Scissor
Q29: Pluto Corporation owns 70 percent of Saturn
Q30: Pluto Corporation owns 70 percent of Saturn
Q31: Parent Company owns 70% of Son Company's
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents