Question
On January 1, Papa sells equipment to its wholly owned subsidiary, Sonny, for $200,000. The original cost of the machine to Papa was $300,000. At
- On January 1, Papa sells equipment to its wholly owned subsidiary, Sonny, for $200,000. The original cost of the machine to Papa was $300,000. At todays date, the Accumulated Depreciation on Papas books was $80,000. The equipment has an estimated remaining service life of 10 years (no salvage value).
What is the January 1 journal entry recorded by Papa?
What is the January 1 journal entry recorded by Son?
What is the December 31 adjusting journal entry recorded by Son?
What is the December 31 consolidation worksheet entry?
What is the consolidation worksheet entry at December 31 of the second year?
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Financial Accounting For MBAs
Authors: Peter Easton, Robert Halsey, Mary Lea McAnally, John Wild
8th Edition
1618533584, 9781618533586
