On January 1, 2020, Pink Corp. 'sold' a machine for $8000 to Slink Corp., its wholly-owned subsidiary. Pink paid $18000 for this machine. At January 1, 2020, accumulated depreciation was $10000. The remaining useful life is assumed to be 5 years. Straight line depreciation is used by both companies. In Pink's December 31, 2020 consolidated balance sheet, at what amount should ACCUMULATED DEPRECIATION be reported? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 100O INSTEAD OF $1,000.

On January 1, 2020, Pink Corp. 'sold' a machine for $8000 to Slink Corp., its wholly-owned subsidiary. Pink paid $18000 for this machine. At January 1, 2020, accumulated depreciation was $10000. The remaining useful life is assumed to be 5 years. Straight line depreciation is used by both companies. In Pink's December 31, 2020 consolidated balance sheet, at what amount should ACCUMULATED DEPRECIATION be reported? BE SURE TO TYPE A SIMPLE NUMBER WITH NO COMMAS OR DOLLAR SIGNS. FOR EXAMPLE, TYPE 100O INSTEAD OF $1,000.

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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