Pit Coporation owns 75% of Stop Company's outstanding common stock. On 01/01/21, Pit sold sold a used piece of equipment to Stop in exchange for $236,000 cash. Pit's original cost of the equipment was $728,000 and accumulated depreciaiton of 01/01/21 was $447,000. The remaining useful life of the equipment is 10 years, and Stop will use that same usefull life. Both companies use the straight line method of depreciation. The Year-End Consolidated Financial Statements would include: Consolidated Loss on Sale in the amount of: $______________ Consolidated Depreciation Expense in the amount of $____________ Consolidated Equipment in the amount of $_______________ Consolidated Accumulated Depreciation in the amount of $__________
Pit Coporation owns 75% of Stop Company's outstanding common stock. On 01/01/21, Pit sold sold a used piece of equipment to Stop in exchange for $236,000 cash.
Pit's original cost of the equipment was $728,000 and accumulated depreciaiton of 01/01/21 was $447,000. The remaining useful life of the equipment is 10 years, and Stop will use that same usefull life. Both companies use the
The Year-End Consolidated Financial Statements would include:
Consolidated Loss on Sale in the amount of: $______________
Consolidated Depreciation Expense in the amount of $____________
Consolidated Equipment in the amount of $_______________
Consolidated
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