Question
A Company owns 60% of the outstanding stock of C Company. On January 1, 2013, A acquired a building with a 10 year life for
A Company owns 60% of the outstanding stock of C Company. On January 1, 2013, A acquired a building with a 10 year life for $450,000; A depreciated the building using the straight-line method, assuming no salvage value. On January 1, 2015, A sold the building to C for $430,000, B assigned no salvage value to the building.
Required:
* Prepare the end of year consolidation entries necessitated by the above transaction.
A Company owns 60% of the outstanding stock of C Company. On January 1, 2013, A acquired a building with a 10 year life for $450,000; A depreciated the building using the straight-line method, assuming no salvage value. On January 1, 2015, A sold the building to C for $430,000, B assigned no salvage value to the building.
Required:
* Prepare the end of year consolidation entries necessitated by the above transaction.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
17th edition
1119503663, 1119571480, 1-119-50368-2, 111950368X, 978-1119503668
