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Business, 10.03.2020 20:22 sugeilochoa

Paragraph Corporation purchased land on January 1, 20X1, for $20,000. On June 10, 20X4, it sold the land to its subsidiary, Sentence Corporation, for $30,000. Paragraph owns 60 percent of Sentence’s voting shares.
Required:
Give the worksheet eliminating entries needed to remove the effects of the intercompany sale of land in preparing the consolidated financial statements for 20X4 and 20X5.

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Paragraph Corporation purchased land on January 1, 20X1, for $20,000. On June 10, 20X4, it sold the...
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