Justings Co. owned 80% of Evana Corp. During 2006, Justings sold to Evana land with a book value of $48,000. The selling price was $70,000.
A. Create the eliminations regarding this transaction for 2006 and 2007, TL and *TL.© BrainMass Inc. brainmass.com October 10, 2019, 2:59 am ad1c9bdddf
Before completing this question, always remember that when preparing elimination entries, you have to be cognizant of whether the transfer of land, ...
This posting assesses whether the transfer of land, inventory or any other depreciable assets represent upstream or downstream transfers.