ecorded the following entry: On Jan 1, 206, Gold company sold the computer to Silver Corporation and Cold company purchased computer with an expected economie Cash Accumulated Depreciation Computer equip Gain on sale of equip 49.000 16,000 40,000 15.000 Silver Corporation holds 60 percent of the voting shares of Gold company, Gold com ed NI of 545,000 and Silver Corp. reported income from its own operations of $85,000 There is no change in the estimated life of the equipment as a result of the inter-corpo Ser. points) NCT in SNI for 20x6? points) Prepare elimination entry involving adjustments of depreciation expenses cumulated depreciation on Dec 31, 20x6 ents) Prepare elimination entry(entries) on Jan 1, 20x7. ecorded the following entry: On Jan 1, 206, Gold company sold the computer to Silver Corporation and Cold company purchased computer with an expected economie Cash Accumulated Depreciation Computer equip Gain on sale of equip 49.000 16,000 40,000 15.000 Silver Corporation holds 60 percent of the voting shares of Gold company, Gold com ed NI of 545,000 and Silver Corp. reported income from its own operations of $85,000 There is no change in the estimated life of the equipment as a result of the inter-corpo Ser. points) NCT in SNI for 20x6? points) Prepare elimination entry involving adjustments of depreciation expenses cumulated depreciation on Dec 31, 20x6 ents) Prepare elimination entry(entries) on Jan 1, 20x7