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Determine the eliminating entries

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Cartwright, Inc. has $1,000,000 of 10% bonds outstanding on December 31, 20X8. On January 1, 20X9, Adam Corp., an 80%-owned subsidiary of Cartwright, Inc., purchases a $250,000 part of Cartwright, Inc.’s outstanding bonds in the market for $245,000. Interest accrued by 12/31/X9 is $12,500.

Determine the eliminating entries necessary for the 20X9 consolidated financial statements.

Provide correct eliminating entries necessary for the 20X9 consolidated financial statements.

Discuss when gains or losses on intercompany sales of depreciable assets should be recognized on a consolidated basis and describe the eliminating entry needed to adjust the consolidated financial statements when the purchasing affiliate sells a depreciable asset that was acquired from another affiliate.

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Reference no: EM139866

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