10 points Question 12 of 12 Gamma Co. owned 90% of the voting common stock of Victor Co. On January 3, 2021. Gamma sold equipment to Victor for $184,000. The equipment cost Gamma $240,000. At the time of the transfer, the balance in accumulated depreciation was $80,000. The equipment had a remaining useful life of eight years and a zero salvage value. Both entities use the straight-line method of depreciation. At what amount should the equipment (net of depreciation) be included in the consolidated balance sheet dated December 31, 2022? O $138,000 O $120,000 O $124,200 O $108,000 Question 11 Question 11 of 12 10 points Save Answer On January 1, 2022, Smith Company, an 80% owned subsidiary of Ellen, Inc., transferred equipment with a 10-year life (six of which remain with no salvage value) to Ellen in exchange for $108,000 cash. At the date of transfer, Smith's records carried the equipment at a cost of $150,000 less accumulated depreciation of $60,000. Straight-line depreciation is used. Smith reported net income of $100,000 for 2022. In preparing financial statements for 2022, how does this transfer affect the computation of consolidated net income? O Increase net income by $3,000. O Decrease net income by $12,000. O Decrease net income by $15,000. O Increase net income by $15,000. Question 10 Question 10 of 12 10 points Save Answe Darden Corp. owned 80% of the outstanding common stock of Unicorn Inc. On January 1, 2020, Darden acquired a building with a ten-year life for $800,000. No salvage value was anticipated and the building was to be depreciated on the straight-line basis. On January 1, 2022, Darden sold this building to Unicorn for $680,000. At that time, the building had a remaining life of eight years but still no expected salvage value. For consolidation purposes, what is the Excess Depreciation (ED entry) for this building for 2022? O Debit Depreciation Expense at $5,000 and credit Accumulated Depreciation at $5,000 O Debit Accumulated Depreciation at $4,000 and credit Depreciation Expense at $4,000 O Debit Depreciation Expense at $4,000 and credit Accumulated Depreciation at $4,000 O Debit Accumulated Depreciation at $5,000 and credit Depreciation Expense at $5,000 Question 9 Question 9 of 12 10 points Save Any Waters Corp. owned a 90% interest in Silver Co. Silver frequently made sales of inventory to Waters. The sales, which include a markup over cost of 60%, were $520,000 in 2021 and $640,000 in 2022. At the end of each year, Waters still owned 20% of the goods. Net income for Silver was $909,000 during 2022. Assuming there are no excess amortizations associated with the consolidation, and no other intra- entity asset transfers, what was the net income attributable to the noncontrolling interest for 2022? O $90,000. O $90,900 O $89,400. O $88,600. Question 7 of 12 Question 7 10 points Save And Benjamin, Inc., owns 80% of Silicon Co.'s outstanding common stock. Benjamin's liabilities total $700,000, and Silicon's liabilities total $200,000. Included in Silicon's financial statements is a $80,000 note payable to Benjamin. What amount of total liabilities should be reported in the consolidated financial statements? O $900,000. O $836,000. O $820,000 O $884,000.