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On Jan 2, 2016. Parent sells to its wholly owned investee equipment that had cost $150,000. The selling price was $142,800 and accumulated depreciation on

On Jan 2, 2016. Parent sells to its wholly owned investee equipment that had cost $150,000. The selling price was $142,800 and accumulated depreciation on that date was $62,000. The subsidiary depreciates the equipment over its remaining life of 8 years

Prepare the consolidation entries for 2018 related to the equipment sale. (The intercompany consolidation entry)

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