Business, 06.04.2021 04:40 crodriguez87

Samuel sold land with a basis of $50,000 and a fair value of $70,000 to Timuel during Year 1. During Year 2, Timuel sold the land for $130,000. Timuel sold inventory costing $15,000 to Samuel for $25,000 in Year 1. Samuel sold half of this inventory to its customers for $20,000 in Year 1 and sold the remaining inventory for $25,000 in Year 2. Timuel sold an investment security to Samuel for a gain of $6,000 in Year 1. Samuel sells the investment security to an unrelated party for an additional gain of $5,000 during Year 2. Samuel sold inventory to Timuel for $40,000 during Year 1. Samuel marks up the price of its inventory 25%. Timuel, during the same year, sold the inventory for $45,000 to unrelated parties. Calculate income that should be reported for the consolidated group for Year 1 and Year 2 using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (0). Year 1 Year 2 1. Sale of land from Samuel to Timuel $0.00 $80,000.00 2. Sale of inventory from Timuel to Samuel $12,500.00 $17,500.00 3. Sale of investment security from Timuel to Samuel $0.00 $5,000.00 4. Sale of inventory from Samuel to Timuel $13,000.00 $0.00

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Samuel sold land with a basis of $50,000 and a fair value of $70,000 to Timuel during Year 1. During...