Barney Company is an 8 0 % owned subsidiary Hayes Inc. During 2 0 X 2 ,
Fantastic news! We've Found the answer you've been seeking!
Question:
Barney Company is an owned subsidiary Hayes Inc. During XHayes sold land to Barney for $ Based upon an independent appraisal of the lands value. The land originally cost $ On July X Barney sold machinery to Hayes for $ The machinery was carried on Barneys books at a $ cost with accumulated depreciation of $ The machinery had a remaining life of years at the sale date. Both companies use the straight line method depreciation.
Instructions:
Complete the following partial worksheet for X the year subsequent to the asset sales. Key and explain all eliminations and adjustments.Hayes Inc, and Subsidiary Barney Company
Partial Worksheet
For the Year Ended December X
Trial Balance
Eliminations and Adjustments
Hayes
Barney
Dr
Cr
Land
Machinery
Accumulate depreciation
Retained earnings Hayes
Retained earnings Barney
Depreciation expenses
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date: