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Dunn Corporation owns 100 percent of Grey Corporations common stock. On January 2, 2020 Dunn sold to Grey $40,000 of machinery with a carrying amount
Dunn Corporation owns 100 percent of Grey Corporations common stock. On January 2, 2020 Dunn sold to Grey $40,000 of machinery with a carrying amount of $30,000. Grey is depreciating the acquired machinery over a five-year remaining life by the straight line method. The net adjustments to compute 2020 and 2021 consolidated net income would be an increase (decrease) of
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