b. Prepare the consolidation entry or entries in the consolidation worksheet prepared as of December 31, 20X4, to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest dollar.) No A B Event 1 2 Answer is complete but not entirely correct. Accounts Equipment Investment in Series Company Accumulated depreciation Accumulated depreciation Depreciation expense Debit 4,000 9,429 3,143 Credit 13,429 3,143

b. Prepare the consolidation entry or entries in the consolidation worksheet prepared as of December 31, 20X4, to remove the effects of the intercompany sale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest dollar.) No A B Event 1 2 Answer is complete but not entirely correct. Accounts Equipment Investment in Series Company Accumulated depreciation Accumulated depreciation Depreciation expense Debit 4,000 9,429 3,143 Credit 13,429 3,143

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 44P

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