Question: Sapling Inc is a 95 owned subsidiary of Fir Enterprises Fir

Sapling, Inc. is a 95%-owned subsidiary of Fir Enterprises. Fir Enterprises sells Sapling an industrial wood chipper for $10,000 on January 1, 20x8. Fir Enterprises paid $17,000 for the wood chipper and the asset currently has a book value of $8,000. The asset has a remaining useful life of 4 years, with no salvage value.
Provide Sapling’s entries reflecting the purchase of the wood chipper.
Provide Fir’s entries reflecting the sale of the wood chipper.
Provide the consolidating worksheet adjusting entries that must be made in 20x8.
Provide the consolidating worksheet adjusting entries for 20x9 that deal with the impact of annual depreciation that occurs on the purchasing subsidiary’s books.



$1.99
Sales1
Views179
Comments
  • CreatedSeptember 19, 2013
  • Files Included
Post your question
5000