A summary of the separate income of Pod Corporation and

A summary of the separate income of Pod Corporation and the net income of its 75 percent-owned subsidiary, Sev Corporation, for 2011 is as follows:
Sev Pod $500,000 10,000 (200,000) (50.000) (80,000) Sales Gain on sale of machinery Cost of good sold Depreciation expen

Sev Corporation sold machinery with a book value of $40,000 to Pod Corporation for $65,000 on January 2, 2009. At the time of the intercompany sale, the machinery had a remaining useful life of five years. Pod uses straight-line depreciation. Pod used the machinery until December 28, 2011, when it was sold to another entity for $36,000.
REQUIRED: Prepare a consolidated income statement for Pod Corporation and Subsidiary for2011.

Consolidated Income Statement
When talking about the group financial statements the consolidated financial statements include Consolidated Income Statement that a parent must prepare among other sets of consolidated financial statements. Consolidated Income statement that is...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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