On January 1, 20X2, Stuffy sold a delivery truck with a book value of $35,000 to Puffy Corporation for $50,000. The truck had a remaining useful life of three years and straight-line depreciation is used by both companies.

Puffy holds 60% of Stuffy. Stuffy reported net income of $55,000 in 20X2 and Puffy's separate net income (excludes Income from Stuffy) for 20X2 was $98,000.

13/ In preparing the consolidated financial statements for 20X2, the elimination entry for depreciation expense was a:

Select one:

a. debit for $5,000

b. credit for $5,000

c. debit for $15,000

d. credit for $15,000

14/ In the eliminating/adjusting entries on consolidation working papers for 20X2, the Truck account was:

Select one:

a. debited for $3,000

b. credited for $3,000

c. debited for $15,000

d.credited for $15,000

15/ Controlling interest share in consolidated net income for 20X2 was:

Select one:

a.$121,000

b.$125,000

c.$131,000

d.$143,000

16/ The non-controlling interest share in consolidated income for 20X2 was:

Select one:

a.$18,000

b.$22,000

c.$23,000

d.$27,000