ON 1 1 2000 GHI COMPANY PURCHASED ALL OF THE ASSETS OF RTY COMPANY FOR BOOK VALUE ON 1 1 2009 GHI COMPANY PURCHASED A TRUCK FOR $200,000 THIS TRUCK IS EXPECTED TO LAST 20 YEARS WITH NO SALVAGE ON 1 1 2014 GHI SOLD THIS TRUCK TO RTY FOR $180,000 RECEIVING A 10 NOTE THIS NOTE PAYS INTEREST ANNUALLY ON JANUARY 1 ST RTY EXPECTS THE TRUCK TO LAST 15 YEARS WITH NO SALVAGE ON 1 1 2016 RTY SELLS THE TRUCK TO OUTSIDE COMPANY FOR $152,000 AND PAYS OFF THE NOTE TO GHI REQUIRED Make the entry GHI makes when it sells the truck to RTY Make the entry RTY makes when it buys the truck Make the adjusting entry GHI makes on 12 31 connected with the note Make the adjusting entry RTY makes on 12 31 connected with the note Make the worksheet entries connected with this intercompany sale of the truck for 2014 What are the balances in the following accounts in the 2014 consolidated financial statements Truck Accumulated depreciation Depreciation expense Gain loss on sale Note payable Interest expense Make the worksheet entries connected with this intercompany sale of the truck in 2015 What are the balances in the following accounts in 2015 consolidated financial statements Truck Accumulated depreciation Depreciation expense Gain loss on sale Note payable Interest expense Make the entry RTY makes in 2016 when it sells the truck to Outside company Make the necessary worksheet entries needed in 2016 related to this truck What are the balances in the following accounts in 2016 Truck Accumulated depreciation Depreciation expense Gain loss on sale Note payable Interest expense

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ON 1/1/2000 GHI COMPANY PURCHASED ALL OF THE ASSETS OF RTY COMPANY FOR BOOK VALUE. ON 1/1/2009 GHI COMPANY PURCHASED A TRUCK FOR $200,000. THIS

ON 1/1/2000 GHI COMPANY PURCHASED ALL OF THE ASSETS OF RTY COMPANY FOR BOOK VALUE. ON 1/1/2009 GHI COMPANY PURCHASED A TRUCK FOR $200,000. THIS TRUCK IS EXPECTED TO LAST 20 YEARS WITH NO SALVAGE. ON 1/1/2014 GHI SOLD THIS TRUCK TO RTY FOR $180,000 RECEIVING A 10% NOTE. THIS NOTE PAYS INTEREST ANNUALLY ON JANUARY 1^ST. RTY EXPECTS THE TRUCK TO LAST 15 YEARS WITH NO SALVAGE. ON 1/1/2016 RTY SELLS THE TRUCK TO OUTSIDE COMPANY FOR $152,000 AND PAYS OFF THE NOTE TO GHI

REQUIRED:

Make the entry GHI makes when it sells the truck to RTY
Make the entry RTY makes when it buys the truck
Make the adjusting entry GHI makes on 12/31 connected with the note
Make the adjusting entry RTY makes on 12/31 connected with the note
Make the worksheet entries connected with this intercompany sale of the truck for 2014
What are the balances in the following accounts in the 2014 consolidated financial statements
1. Truck
2. Accumulated depreciation
3. Depreciation expense
4. Gain/loss on sale
5. Note payable
6. Interest expense
Make the worksheet entries connected with this intercompany sale of the truck in 2015
What are the balances in the following accounts in 2015 consolidated financial statements
1. Truck
2. Accumulated depreciation
3. Depreciation expense
4. Gain/loss on sale
5. Note payable
6. Interest expense
Make the entry RTY makes in 2016 when it sells the truck to Outside company
Make the necessary worksheet entries needed in 2016 related to this truck
What are the balances in the following accounts in 2016
1. Truck
2. Accumulated depreciation
3. Depreciation expense
4. Gain/loss on sale
5. Note payable
6. Interest expense