Pumpkin Corporation purchased land on January 1, 20X6, for $50,000. On July 15, 20X8, it sold the land to its subsidiary, Spice Corporation, for $70,000. Pumpkin owns 80 percent of Spice's voting shares.Which worksheet consolidating entry will be made on December 31, 20X9, if Spice Corporation had initially purchased the land for $50,000 and then sold it to Pumpkin on July 15, 20X8, for $70,000? A.Investment in Spice12,000 NCI in NA of Spice8,000 Land 20,000B.Investment in Spice16,000 NCI in NA of Spice4,000 Land 20,000C.Land20,000 Investment in Spice 14,000 NCI in NA of Spice 6,000D.Land20,000 Investment in Spice 18,000 NCI in NA of Spice 2,000
A. Option A
B. Option B
C. Option C
D. Option D
Answer: B
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