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The December 31 consolidation worksheet of Popcorn Co. and its wholly owned subsidiary, Salt Co., includes the following worksheet entry: Gain on Sale of Equipment

  1. The December 31 consolidation worksheet of Popcorn Co. and its wholly owned subsidiary, Salt Co., includes the following worksheet entry:

Gain on Sale of Equipment 10,000

Equipment 40,000

Accumulated Depreciation Equipment 12,000

For each of the three components of this worksheet entry, answer the question, Why?

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