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Business, 12.08.2020 21:01 sierram298

Patterson Company owns 80% of the outstanding common stock of Stevens Company. On June 30, 2013, landcosting $500,000 is sold by one affiliate to the other for $800,000.Required:Prepare in general journal form the workpaper entries necessary because of the intercompany sale of land in theconsolidated financial statements workpaper for the year ended December 31, 2014, assuming that:A. Patterson Company purchased the land from Stevens Company. B. Stevens Company purchased the land from Patterson Company.

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Patterson Company owns 80% of the outstanding common stock of Stevens Company. On June 30, 2013, lan...
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