Chap006_Classproblems_Day1&2_Solu

Chap006_Classproblems_Day1&2_Solu - 6,000...

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Solutions to Chapter 6 In‐class Problems - 1 - E6-3 Elimination Entries for Land Transfer a. Eliminating entry, December 31, 20X4: E(1) Gain on Sale of Land 10,000 Land 10,000 Eliminating entry, December 31, 20X5: E(1) Retained Earnings, January 1 10,000 Land 10,000 b. Eliminating entry, December 31, 20X4: E(1) Gain on Sale of Land 10,000 Land 10,000 E(2) Noncontrolling Interest 4,000 Income to Noncontrolling Interest 4,000 Eliminating entry, December 31, 20X5: E(1) Retained Earnings, January 1
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Unformatted text preview: 6,000 Noncontrolling Interest 4,000 Land 10,000 E6-7 Transfer of Land a. Eliminating entry, December 31, 20X2: E(1) Gain on Sale of Land 45,000 Land 45,000 E(2) Noncontrolling Interest 13,500 Income to Noncontrolling Interest 13,500 Eliminating entry, December 31, 20X3: E(1) Retained Earnings, January 1 31,500 Noncontrolling Interest 13,500 Land 45,000 b. Eliminating entries, December 31, 20X3 and 20X4: E(1) Retained Earnings, January 1 30,000 Land 30,000...
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