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On the last day of the fiscal year, Mother Co. sold a depreciable asset to Daughter Co., a 100%-owned subsidiary, for $36,000 and recognized a
On the last day of the fiscal year, Mother Co. sold a depreciable asset to Daughter Co., a 100%-owned subsidiary, for $36,000 and recognized a $6,000 gain. Mothers original cost was $40,000. At what amount should this asset be presented in the consolidated financial statements?
A.$40,000
B.$36,000
C.$30,000
D.$6,000
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