Pitcher Corporation purchased 60 percent of Softball Corporation's voting common stock on January 1, 20X1. Or...

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Pitcher Corporation purchased 60 percent of Softball Corporation's voting common stock on January 1, 20X1. Or Pitcher received $288,000 from Softball for a truck Pitcher had purchased on January 1, 20X2, for $358,000. Th have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis. Required: a. Prepare the worksheet consolidation entry or entries needed at December 31, 20X5, to remove the effects of (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No A Event 1 Gain on sale Truck Accumulated depreciation Accounts Debit Credit 37,400 70,000 107,400 b. Prepare the worksheet consolidation entry or entries needed at December 31, 20X6, to remove the effects of sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiel Answer is complete but not entirely correct. No Event Accounts A 1 Investment in Softball Corporation Truck Accumulated depreciation B 2 Accumulated depreciation Depreciation expense Debit Credit 37,400 70,000 107,400 5,343 5,343 Pitcher Corporation purchased 60 percent of Softball Corporation's voting common stock on January 1, 20X1. Or Pitcher received $288,000 from Softball for a truck Pitcher had purchased on January 1, 20X2, for $358,000. Th have a 10-year useful life and no salvage value. Both companies depreciate trucks on a straight-line basis. Required: a. Prepare the worksheet consolidation entry or entries needed at December 31, 20X5, to remove the effects of (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No A Event 1 Gain on sale Truck Accumulated depreciation Accounts Debit Credit 37,400 70,000 107,400 b. Prepare the worksheet consolidation entry or entries needed at December 31, 20X6, to remove the effects of sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiel Answer is complete but not entirely correct. No Event Accounts A 1 Investment in Softball Corporation Truck Accumulated depreciation B 2 Accumulated depreciation Depreciation expense Debit Credit 37,400 70,000 107,400 5,343 5,343