Hi expert please give me answer general accounting A parent company sells machinery to its subsidiary on January 1,2020, for $150,000. The machinery had a net book value of $100,000on the parent's books at the time of sale. The remaining useful lifeof the machinery is 5 years, and straight-line depreciation with noresidual value is used. At what net value should this machinery bereported on December 31, 2022, consolidated balance sheet (twoyears after the intercompany machinery sale)? a. $90,000 b. $60,000c. $70,000 d. $80,000

Information Given :Parent's Sale Price to Subsidiary: $150,000Parent's Original Net Book Value:…

Answered: A parent company sells machinery to its…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 11P

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