Parent purchases Land on January 1, 2009 for $100,000. On January 1, 2010 parent sells land to 100% owned subsidiary for $140,000. Subsiriary holds land until December 31, 2014 and thensells it to a third parties for $160,000. How much gain does the sudsidiary record on the books in 2014? How much is consolidated gain on sale of land in 2014? how much is debited to retained earnings in 2014?

why did they divide the assets by 2?

Please help me solve questions 1 2 & 3. Thank you! Placid Lake Corporation acquired 70 percent of the outstanding voting stock of Scenic, Inc., on January 1, 2017, when Scenic had a net book value of $440,000. Any excess fair value was assigned to intangible assets and amortized at a rate of $7,000 per year.   Placid Lake's 2018 net income before consideration of its relationship with Scenic (and before adjustments for intra-entity sales) was $340,000. Scenic reported net income of $150,000. Placid Lake declared $140,000 in dividends during this period; Scenic paid $44,000. At the end of 2018, selected figures from the two companies' balance sheets were as follows:     Placid Lake Scenic Inventory $ 180,000   $ 94,000   Land   640,000     240,000   Equipment (net)   440,000     340,000       During 2017, intra-entity sales of $95,000 (original cost of $50,000) were made. Only 10 percent of this inventory was still held within the consolidated entity at the end of…

On September 1, 2017, Winans Corporation acquired Aumont Enterprises for a cash payment of $700,000, At the time of purchase, Aumont's Balance sheet showed assets of $620,000 Liabilities of $200.000 and owners equity of $420,000, The fair value of Aumonts assets is estimated to be $800 000. Compute the amount of good will acquired by Winans. O S80 000 O $100.000 O $180 000 O All of the above

On November 8, 2023, Power Corp. sold land to Wood Co., its wholly owned subsidiary. The land cost $62,000 and was sold to Wood for $74,000. For consolidated financial statement reporting purposes, when must the gain on the sale of the land be recognized? O Proportionately over a designated period of years. O No gain may be recognized. O When Wood Co. sells the land to a third party. O As Wood uses the land.