In preparing its consolidated financial statements at December
31, 20X7, the following consolidation entries were included in the
consolidation worksheet of Master Corporation:
Consolidation Worksheet
Entries
Debit
Credit
Buildings
245,000
Gain on Sale of Building
49,000
Accumulated
Depreciation
294,000
Consolidation Worksheet Entries
Debit
Credit
Accumulated Depreciation
3,500
Depreciation Expense
3,500
Master owns 60 percent of Rakel Corporation’s voting common
stock. On January 1, 20X7, Rakel sold Master a building it had
purchased for $1,030,000...