On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary. Pink paid $13,00 for this machine. On January 1, 2019, accumulated depreciation was $4,500. The remaining useful life is assumed to be 5 years. Straight line depreciation is used by both companies. In pink's December 31, 2019 consolidated balance sheet, at what amount should accumulated depreciation be reported?
On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary. Pink paid $13,00 for this machine. On January 1, 2019, accumulated depreciation was $4,500. The remaining useful life is assumed to be 5 years. Straight line depreciation is used by both companies. In pink's December 31, 2019 consolidated balance sheet, at what amount should accumulated depreciation be reported?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 8MC: On July 1, 2018, Mundo Corporation purchased factory equipment for 50,000. Residual value was...
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On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary. Pink paid $13,00 for this machine. On January 1, 2019,
In pink's December 31, 2019 consolidated balance sheet, at what amount should accumulated depreciation be reported?
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