Question 3 (10 points) Pit Corporation owns 90% of Stop Company's outstanding common stock. On 01/01/21,...

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Question 3 (10 points) Pit Corporation owns 90% of Stop Company's outstanding common stock. On 01/01/21, Pit sold a used piece of equipment to Stop in exchange for $184,000 cash. Pit's original cost of the equipment was $943,000 and accumulated depreciation at 01/01/21 was $712,000. The remaining useful life of the equipment is 5 years, and Stop will use that same useful life. Both companies use the straight-line method of depreciation PIT'S JOURNAL ENTRY TO 'SELL' THE EQUIPMENT TO STOP WOULD INCLUDE: A debit to Cash in the amount of: A debit to Accumulated Depreciation in the amount of: A debit to Loss on Sale in the amount of: A credit to Equipment in the amount of: STOP'S JOURNAL ENTRIES TO WOULD INCLUDE: A debit to Equipment and a credit to Cash in the amount of: A debit to Depreciation Expense and a credit to Accumulated Depreciation in the amount of: A/ A Question 3 (10 points) Pit Corporation owns 90% of Stop Company's outstanding common stock. On 01/01/21, Pit sold a used piece of equipment to Stop in exchange for $184,000 cash. Pit's original cost of the equipment was $943,000 and accumulated depreciation at 01/01/21 was $712,000. The remaining useful life of the equipment is 5 years, and Stop will use that same useful life. Both companies use the straight-line method of depreciation PIT'S JOURNAL ENTRY TO 'SELL' THE EQUIPMENT TO STOP WOULD INCLUDE: A debit to Cash in the amount of: A debit to Accumulated Depreciation in the amount of: A debit to Loss on Sale in the amount of: A credit to Equipment in the amount of: STOP'S JOURNAL ENTRIES TO WOULD INCLUDE: A debit to Equipment and a credit to Cash in the amount of: A debit to Depreciation Expense and a credit to Accumulated Depreciation in the amount of: A/ A