Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On January 1, 2020, Pink Corp. 'sold' a machine for $3000 to Slink Corp., its wholly-owned subsidiary. Pink paid $9000 for this machine. At January

image text in transcribed

On January 1, 2020, Pink Corp. 'sold' a machine for $3000 to Slink Corp., its wholly-owned subsidiary. Pink paid $9000 for this machine. At January 1, 2020, accumulated depreciation was $5000. The remaining useful life is assumed to be 10 years. Straight line depreciation is used by both companies. In Pink's December 31, 2020 consolidated balance sheet, at what amount should ACCUMULATED DEPRECIATION be reported? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 1000 INSTEAD OF $1,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Lawyers And The Proceeds Of CrimeThe Facilitation Of Money Laundering And Its Control

Authors: Katie Benson

1st Edition

1138744867, 9781138744868

More Books

Students also viewed these Accounting questions

Question

Would you be willing to work with them?

Answered: 1 week ago

Question

Discuss the scope of Human Resource Management

Answered: 1 week ago

Question

Discuss the different types of leadership

Answered: 1 week ago

Question

Write a note on Organisation manuals

Answered: 1 week ago

Question

Define Scientific Management

Answered: 1 week ago

Question

Explain budgetary Control

Answered: 1 week ago