Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Answer all 3 journal entries plz Pam Corporation holds 70 percent ownership of Spray Enterprises. On December 31, 20x6, Spray paid Pam $31,000 for a
Answer all 3 journal entries plz
Pam Corporation holds 70 percent ownership of Spray Enterprises. On December 31, 20x6, Spray paid Pam $31,000 for a truck that residual value. Both companies depreciate equipment using the straight-line method. Required: a. Prepare the worksheet consolidation entry or entries needed on December 31,206, to remove the effects of the intercompany sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Consolidation Worksheet Entries Record the entry to eliminate the gain on the truck and to correct the asset's basis. Note- Enter debits before credits. . Prepare the worksheet consolidation entry or entries needed on December 31,207, to remove the effects of the intercompany sale. Note: Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field. Consolidation Worksheet Entries Record the entry to eliminate the gain on the truck and to correct the asset's basis. Note: Enter debits before credits. b. Prepare the worksheet consolidation entry or entries needed on December 31,207, to remove the effects of the intercompany sale. Note: Do not round intermediate calculations, If no entry is required for a transaction/event, select "No journal entry required in the first account field. Consolidation Worksheet Entries Record the entry to adjust Accumulated Depreciation. Note: Enter debits before credits Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started