Company A sell equipment to company B which is outside the normal course of business Company A owns 30% of Company B shares Selling price was $ 50,000 which is its approximate fair value Carrying value of equipment in Company A books is $ 30,000 Tax rate is 30% for all parties Day 1 journal entry for both Companies? How would the answer change if Company A and B were related under common control? Prepare the initial journal entries How would the answer change if Company A owned 60% of Company B? Prepare the initial journal entries Company A sell equipment to company B which is outside the normal course of business Company A owns 30% of Company B shares Selling price was $ 50,000 which is its approximate fair value Carrying value of equipment in Company A books is $ 30,000 Tax rate is 30% for all parties Day 1 journal entry for both Companies? How would the answer change if Company A and B were related under common control? Prepare the initial journal entries How would the answer change if Company A owned 60% of Company B? Prepare the initial journal entries