Dunn Corporation owns 100 percent of the common stock of Gray Corporation. On January 2, 2017, Dunn sold Gray $50,050 worth of machinery with a book value of $37,750. Gray is depreciating the acquired machinery over a remaining life of five years on the straight-line method. 

What will be the net adjustments to compute the consolidated net income for 2017 and 2018 

Answer rating: 100% (QA)

31122017 Machinery 50050 Gain 12300 Depreciation Expanse 10010 50050 5 years Net Ef... View the full answer