Investee Co. sells equipment with a 5-year life and no salvage value to Parent Co. for $200,000 on 1/1, year 1. Investee Co. acquired the equipment with an original price of $220,000 and has recorded a total of $85,000 in accumulated depreciation. What consolidation entry would be required to remove the accumulated depreciation in the year of transfer? 

Answer rating: 100% (QA)

Heres the consolidation entry required to remove the accumulated depreciation in the year of transfe... View the full answer