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hello everybody so we are on our last leg of uh consolidated financial statements intra entity asset transactions uh were moving away from inventory to now take into consideration other assets like land and depreciable assets so were still the same concept of intra-entity sales where were going to defer any gain or loss until the asset is sold to an outside party that is no part of the consolidation uh consolidated financial statements so in this case we have an example on july 1st hastings sold land to patrick for 60 uh the cost of the land was 60 000 the transfer price is a hundred thousand so this seller recognizes a gain of forty thousand dollars now to get a picture of this we have the sellers sellers financial records this is what the seller in this case hastings would have reported in their financial statements and then the buyer patrick this is what they would have reported on their financial statements so we can see that we currently have a land that is overstated by forty
