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Equipment Accumulated depreciation Consolidated balance sheet Cost Accumulated depreciation Book value 250,000Problem On Jan 1, 2014 Parent company sells equipment to Subsidiary Company a 90% owned subsidiary with a book value of P375,000 for P450,000. The original cost is P675,000 and accumulated depreciation is P300,000. Estimated remaining life of equipment is three years. Entry in the books of Parent company Entry in the books of Subsidiary company ? Entry to record the depreciation in the books of Subsidiary company ? ? Entry to eliminate the intecompany gain & restore to its original cost ? ? Entry to adjuts/eliminate depreciation to the correct amount to the consolidated entity. ? ? ? Computation Depreciation expense if the transaction has not occurred Cost Accumulated depreciation Book value Estimated life in years Depreciation expense in the book of subsidiary Cost Estimated life in years Excess depreciation