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Which of the consolidation adjustments consolidated

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Problem 1: In 2016, a 70%-owned subsidiary sold land to the parent corporation at a gain of $50,000. The parent still owns the land at the end of 2020. Which of the following consolidation adjustments is appropriate for the 2020 consolidated financial statements? Ignore income tax effects.

Option 1: Increase non-controlling interest on the income statement by $15,000.
Option 2: Increase land by $50,000.
Option 3: Decrease non-controlling interest on the balance sheet by $15,000.
Option 4: Decrease the gain on sale of land by $50,000.

Reference no: EM132867170

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