Pentamedia owns 90 percent of Sesa. At the start of 2019, Sesa sold buildings carried at $4,000,000, net, to Pentamedia for $6,000,000. The buildings had a remaining life of 10 years and straight-line depreciation is used. Pentamedia uses the complete equity method to record its investment in Sesa. In 2024, Pentamedia sold the buildings to an outside company. Prepare the consolidated working paper at December 31, 2024:

Pentamedia owns 90 percent of Sesa. At the start of 2019, Sesa sold buildings carried at $4,000,000, net, to Pentamedia for $6,000,000. The buildings had a remaining life of 10 years and straight-line depreciation is used. Pentamedia uses the complete equity method to record its investment in Sesa. In 2024, Pentamedia sold the buildings to an outside company. Prepare the consolidated working paper at December 31, 2024:

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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