14. If there is a $60,000 intercompany gain on the sale of machinery by a parent company...

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14. If there is a $60,000 intercompany gain on the sale of machinery by a parent company to its subsidiary, and the subsidiary establishes a five-year economic life, straight-line depreciation, and no residual value for the machinery, the amount of the debit to Retained Earnings—Parent in the working paper elimination at the end of the third year of the machinery’s economic life is:

a. $24,000.

b. $36,000.

c. $48,000.

d. $60,000.

e. An indeterminable amount.

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