In the preparation of the 20x4 consolidated balance sheet, the computer equipment will be: A. Debited for 1,000 B. Debited for 15,000 C. Credited for 24,000D. Debited for 40,000 On January 1, 20x2, Gold Company purchased a computer with an expected economic life of five years.OnJanuary 1, 20x4, Gold sold the computer to TLK Corporation and recorded the following entry:Cash39,00016,000Accumulated DepreciationComputer EquipmentGain on sale of equipment40,00015,000TLK Corporation holds 60 percent of Gold's voting shares. Gold reported net income of P45,000, and TLKreportedincome from its own operations of P85,000 for 20x4. There is no change in the estimated life ofthe equipment as a result of the inter-corporate transfer.

Answered: consolidated balance sheet

Business

Accounting

consolidated balance sheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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