Question
_________15. Kestrel Company acquired an 80% interest in Reptile Corporation on January 1, 2004. On January 1, 2005, Reptile sold a building with a book
_________15. Kestrel Company acquired an 80% interest in Reptile Corporation on January 1, 2004. On January 1, 2005, Reptile sold a building with a book value of $50,000 to Kestrel for $80,000. The building had a remaining useful life of ten years and no salvage value. The separate balance sheets of Kestrel and Reptile on December 31, 2005 included the following balances:
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Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
5th edition
134128524, 978-0134128528
