On July 1, 2020, P sold land to S for $300,000. The land originally cost P $200,000. S recently resold the land on October 30, 2021 for $350,000.
On October 1, 2021, S Corporation sold equipment to P Corporation for $80,000. S originally paid $100,000 for this equipment and had accumulated depreciation of $40,000 thus far. The equipment has a five-year remaining lifeA. Complete the consolidated income statement for P Corporation and subsidiary for the year ended December 31, 2021.
|Noncontrolling Interest||Consolidated Balances|
|Dividend Income from S||80,000|
|Gain on Sale of
|Gain on Sale of Land||50,000|
|Cost of Sales||(800,000)||(300,000)|