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Pretty purchases all the common stock of Star at $10,000 more than book value in...

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Question

Accounting

Pretty purchases all the common stock of Star at $10,000 more than book value in 20X1. All the differential relates to land that Star had purchased earlier for $25,000. Star than sells the land to an unrelated company for 32,000 in 20X2.

Questions:

  1. Give the book entry required by Pretty in relation to the sale of land.
  2. Give the consolidation entry required by Pretty in relation to the sale of land.

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