Question
On 1 November 2019, GM (Parent company) sold warehouse equipment to PT (subsidiary) for $240,000 from inventories. PT has included this equipment in its property,
On 1 November 2019, GM (Parent company) sold warehouse equipment to PT (subsidiary) for $240,000 from inventories. PT has included this equipment in its property, plant, and equipment. The equipment had been purchased on credit by GM for $200,000 in October 2019 and this amount in included in its current liabilities as at 31 December 2019.
How do I account for this in a consolidated statement?
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Principles Of Accounting Volume 1 Financial Accounting
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
1st Edition
1593995946, 978-1593995942
