Stiller Company, an 80% owned subsidiary of Leo Company

Stiller Company, an 80% owned subsidiary of Leo Company

REFERENCE: Ref. 05_11

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Stiller Company, an 80% owned subsidiary of Leo Company, purchased land from Leo on March 1, 2010, for $75,000.  The land originally cost Leo $60,000.  Stiller reported net income of $125,000 and $140,000 for 2010 and 2011, respectively.  Leo uses the equity method to account for its investment.

 

QUESTION #9

 

REFER TO: Ref. 05_011

 

77.  Compute the gain or loss on the intra-entity sale of land.

 

A)  $15,000 loss.

 

B)  $15,000 gain.

 

C)  $50,000 loss.

 

D)  $50,000 gain.

 

E)  $65,000 gain.

 

QUESTION #10

 

REFER TO: Ref. 05_11

 

78.  On a consolidation worksheet, what adjustment would be made for 2010 regarding the land transfer?

 

A)  Debit gain for $50,000.

 

B)  Credit gain for $50,000.

 

C)  Debit land for $15,000.

 

D)  Credit land for $15,000.

 

E)  Credit gain for $15,000.

 

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