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I need help in this question. Please do it correctly and 100%, i am stuck on this. 4 5 points Pitcher Corporation purchased 60 percent
I need help in this question. Please do it correctly and 100%, i am stuck on this.
4 5 points Pitcher Corporation purchased 60 percent of Softball Corporation's voting common stock on January 1, 20X1. On January 1, 2005, Pitcher received $261,000 from Softball for a truck Pitcher had purchased on January 1, 20x2, for $311,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis. Required: a. Prepare the worksheet consolidation entry or entries needed at December 31, 2025, 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 fleld.) Answer is not complete. Accounts No Event Debit Credit A 1 Gain on sale Truck Accumulated depreciation B 2 Accumulated depreciation Depreciation expense b. Prepare the worksheet consolidation entry or entries needed at December 31, 20X6, 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 fleld.) Answer is not complete. NO Event Accounts Debit Credit . 1 Investment in Softball Corporation Truck >>> Accumulated depreciation B 2 Accumulated depreciation >> Depreciation expense
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