Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 16. stroud corporation is an 80%-owned subsidiary

16. Stroud Corporation is an 80%-owned subsidiary of Pennie, Inc., acquired by Pennie several years...

70.2K

Verified Solution

Question

Accounting

16. Stroud Corporation is an 80%-owned subsidiary of Pennie, Inc., acquired by Pennie several years ago. On January 1, 2017, Pennie sold land with a book value of $60,000 to Stroud for $90,000. Stroud resold the land to an unrelated party for $100,000 on September 26, 2018. The land will be included in the December 31, 2017 consolidated balance sheet of Pennie, Inc. and Subsidiary at ____. a. $48,000 b. $60,000 c. $72,000 d. $90,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

I need full report for \"uncertainties & Error Analysis\" included the summarized background, theory, procedure 5...

Physics
Q

Photosystems are multi-protein complexes. Therefore, they show what level of organization?a) Primaryb) Secondaryc) Teritaryd) Quaternary

Biology
Q

Six teammates are competing for first second and third place in a race How many...

Geometry
Q

Sketch the following regions in cylindrical coordinates:(a) 1 ?r ? 3,0 ? ? ? ?/2,0...

Geometry
Q

Let sets A and B be defined as follows A 22 23 24 25 B...

Basic Math
Q

Use the pizza cost and the subway fare in the table below to find the...

Statistics
Q

Select the correct choices that complete the sentences below a The conditional is symbolized by...

Algebra
Q

Seybert Systems accounts for its investment in Wang Engineering as available for sale. Seybert's balance...

Accounting
Q

Pfizer Ltd owns all of the shares of Biotech Ltd. In relation to the following...

Accounting
Q

Ruiz Company provides the following budgeted sales for the next four months. The company wants...

Accounting
Q

c) Formulate relevant recommendations to the companys management based on the results of your analysis....

Accounting
Q

You purchase Wachovia stock on September 25th, 2022 for $10,000. Wachovia is completely liquidated (bankrupt)...

Accounting