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On January 1, 2020, Pink Corp. 'sold' a machine for $8000 to Slink Corp., its wholly-owned subsidiary. Pink paid $16000 for this machine. At January
On January 1, 2020, Pink Corp. 'sold' a machine for $8000 to Slink Corp., its wholly-owned subsidiary. Pink paid $16000 for this machine. At January 1, 2020, accumulated depreciation was $7000. 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 income statement, at what amount should DEPRECIATION EXPENSE be reported
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