Zinc Co. owns 100% of Concord Inc. On January 2, 20x1, Zinc sold equipment with an original
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Zinc Co. owns 100% of Concord Inc. On January 2, 20x1, Zinc sold equipment with an original cost of $80,000 and a carrying amount of $48,000 to Concord for $72,000. Zinc had been depreciating the equipment over a 5-year period using straight-line depreciation with no residual value. Concord is using straight-line depreciation over 3 years with no residual value. In Zinc's December 31, 20x1, consolidating worksheet, by what amount should depreciation expense be decreased? Show all work.
Related Book For
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
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