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i have no idea what im doing wrong Playoff Corporation holds 90 percent ownership of Series Company. On July 1, 20X3, Playoff sold equipment that
i have no idea what im doing wrong Playoff Corporation holds 90 percent ownership of Series Company. On July 1, 20X3, Playoff sold equipment that it had purchased for $30,000 on January 1, 20X1, to Series for $28,000. The equipment's original six-year estimated total economic life remains unchanged. Both companies use straight-line depreciation. The equipment's residual value is considered negligible. b. Prepare the consolidation entry or entries in the consolidation worksheet prepared as of December 31, 20X4, to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) * Answer is complete but not entirely correct. Credit No A Event 1 Accounts Equipment Investment in Series Company Accumulated depreciation Debit 2,000 10,500 X 12,500 3.000 Accumulated depreciation Depreciation expense 3,000
i have no idea what im doing wrong
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