Clearwater Co. owned all of the voting common stock of Kelley, Inc. On January 2, 2020 Clearwater sold equipment to Kelley for $350,000. The equipment had cost Clearwater $425,000. At the time of the sale, the balance in accumulated depreciation was $125,000. The equipment had a remaining useful life of eight years and no salvage value. For the consolidated balance sheet at December 31, 2020, at what amount would the equipment (net) be included? Select one: A. $300,000 B. $350,000 C. $262,500 D. $-0-

Q: The net book value of Falcon Inc.'s property, plant, and equipment (PP&E) was $734.550 on January 1,…

A: The gain or loss on sale of fixed asset is calculated as difference between the book value and sale…

Q: On January 1, 2019, Ferrothorn Co. sold equipment, to its subsidiary, Klang Corp., for P115,000. The…

A: Actual cost of asset=125000 less Accumulated depreciation =45000 Value of asset as on 1.1.19= 80000…

Q: On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary.…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On January 1, 2022, Carla Vista Corporation acquired machinery for $1670000. Carla Vista adopted the…

A: Depreciation is the allocation of an asset’s cost over its use life. There are many depreciation…

Q: Do not use ai

A: 1. Consolidated Net Income for 2021Ackerman's Net Income: $400,000Brannigan's Net Income: $131,000As…

Q: On 31/03/2022, Sea Ltd (the parent) sold equipment with a carrying amount of $290,000 to Bill Ltd…

A: depreciation is charged on yearly basis by taking certain percentage. there are different method…

Q: Brunswick Manufacturing owns one piece of equipment. The equipment was purchased on January 1, 2019…

A: The question is based on the concept of Depreciation Accounting. Depreciation is the decrease in the…

Q: Rigley Industries sells a plant asset which originally cost $240,000 for $90,000 on December 31,…

A: SOLUTION-   GAIN OR LOSS ON DISPOSAL = ORIGINAL COST -ACCUMULATED DEPRECIATION- SALES VALUE.

Q: On January 1, 2021, ABC Company sold machinery to MNO, its wholly-owned subsidiary for P450,000. The…

A: Depreciation is the decrease in the book value of the tangible asset which gives benefit for more…

Q: On January 1, 2025, Jill Inc. sold equipment to its subsidiary, Tim Co., for $125,000. The equipment…

A: Consolidation arises when two or more companies combine to create a new single company. For example,…

Q: On January 1, 2016, Jungle Company sold a machine to Safari Company for $30,000. The machine had an…

A: 1.

Q: On January 1, 2012, Jungle Company sold a machine to Safari Company for $30,000. The machine had an…

A:

Q: What would be the consolidation worksheet entries in relation to this asset when preparing the…

A: Depreciation refers to the apportionment of the cost of an asset over its useful life. Moreover,…

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.