Answered: In the consolidated FS, at what amount…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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subsidiary Building book value 12/31/11 - 300,000

subsidiary building fair value 12/31/11 - 152,000

remaining life - 5 yrs

sept 30, 2012 sold to its parent at a gain of 10,000.

dec 31,2014 same building sold by the parent to outsider at a loss of 5,000

question: 1. In the consolidated FS, at what amount should the gain/(loss) from the disposal of of building on December 31, 2014 be measured?

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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