Snow Company is a wholly-owned subsidiary of Penguin Corporation. On January 1, 2011, Penguin transferred equipment to
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Question:
Snow Company is a wholly-owned subsidiary of Penguin Corporation. On January 1, 2011, Penguin transferred equipment to Snow for $195,000. The equipment had originally cost $250,000, but at the time of transfer, had a $180,000 book value and a five-year remaining life. Both companies use the straight-line method of depreciation and assume no salvage value for the equipment.
Required: Prepare the consolidation worksheet entries for this asset on the following dates:
1. December 31, 2011
2. December 31, 2012
3. December 31, 2013
Related Book For
Advanced Accounting
ISBN: 978-0077431808
10th edition
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
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