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Pitcher Corporotion purchosed 60 percent of Softball Corporation's vating common stack on January 1,201. On January 1, 20X5, Pitcher received $267,000 from Softboll for o
Pitcher Corporotion purchosed 60 percent of Softball Corporation's vating common stack on January 1,201. On January 1, 20X5, Pitcher received $267,000 from Softboll for o truck Pitcher had purchosed on Januory 1. 20X2, for $317,000. The truck is expected to have a 10-year useful life and no salvage value. Both companies depreciote trucks on a stroight-line bosis. Required: a. Prepore the worksheet consolidotion entry or entries needed ot December 31, 20X5, to remove the effects of the intercompony sole. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. A Record the entry to eliminate the gain on the truck and to correct the asset's basis. B Record the entry to adjust Accumulated Depreciation. Note: = joumal entry has been entered b. Prepare the worksheet consofidotion entry or entries needed at December 31,20x6, to remove the effects of the intercompony sale. Note: If no entry is required for a transactionievent, select Nojournal entry required in the first account field. A Record the entry to eliminate the gain an-the truck and to correct the disst's basis: B Record the entry to adjust Accuinulated Depreglation
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