F Corporation sold equipment to its 80% owned subsidiary, R Corp., on January 1, 2016. F sold the equipment for P110,000 when its book value was P85,000 and it had a 5-year remaining useful life with no expected salvage value. Separate balance sheets for F and R included the following equipment and accumulated depreciation amounts on December 31, 2016. F R Equipment 750,000 300,000 Accumulated Depreciation (200,000) (50,000) Equipment – net 550,000 250,000 What is the consolidated amounts for equipment and accumulated depreciation at December 31, 2016, respectively? Group of answer choices 1,025,000 and 250,000 1,050,000 and 245,000 1,050,000 and 250,000
F Corporation sold equipment to its 80% owned subsidiary, R Corp., on January 1, 2016. F sold the equipment for P110,000 when its book value was P85,000 and it had a 5-year remaining useful life with no expected salvage value. Separate balance sheets for F and R included the following equipment and
F R
Equipment 750,000 300,000
Accumulated Depreciation (200,000) (50,000)
Equipment – net 550,000 250,000
What is the consolidated amounts for equipment and accumulated depreciation at December 31, 2016, respectively?
Step by step
Solved in 2 steps
