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Corporation owns percent any's stock. On July 1, 20X4, Neptune sol e of equipment to Pluto for $56,350. ne had purchased this equipment on ry 1, 20X1, for $63,000. The equipment's ol noot. 20 life

Corporation owns percent any's stock. On July 1, 20X4, Neptune sol e of equipment to Pluto for $56,350. ne had purchased this equipment on ry 1, 20X1, for $63,000. The equipment's ol noot. 20 life

FINANCIAL ACCOUNTING
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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Neptune Corporation owns 70 percent of Pluto Company's stock. On July 1, 20X4, Neptune sold a piece of equipment to Pluto for $56,350. Neptune had purchased this equipment on January 1, 20X1, for $63,000. The equipment's original 15-year estimated total economic life remains unchanged. Both companies use straight-line depreciation. The equipment's residual value is considered negligible. 79. Required information Based on the information provided, in the preparation of the 20X4 consolidated financial in the statements, equipment will be consolidation entries. debited for $6,650 debited for $56,350 debited for $63,000 credited for $63,000
Transcribed Image Text:Neptune Corporation owns 70 percent of Pluto Company's stock. On July 1, 20X4, Neptune sold a piece of equipment to Pluto for $56,350. Neptune had purchased this equipment on January 1, 20X1, for $63,000. The equipment's original 15-year estimated total economic life remains unchanged. Both companies use straight-line depreciation. The equipment's residual value is considered negligible. 79. Required information Based on the information provided, in the preparation of the 20X4 consolidated financial in the statements, equipment will be consolidation entries. debited for $6,650 debited for $56,350 debited for $63,000 credited for $63,000
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