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Discuss the equipment is expected to have no scrap value

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Reference no: EM131750042

Please provide the answers below, completing the journal entries.

Baywatch Industries has owned 80 percent of Tubberware Corporation for many years. On January 1, 20X6, Baywatch paid Tubberware $264,000 to acquire equipment that Tubberware had purchased on January 1, 20X3, for $285,000. The equipment is expected to have no scrap value and is depreciated over a 15-year useful life.

Baywatch reported operating earnings of $110,000 for 20X8 and paid dividends of $45,000. Tubberware reported net income of $44,000 and paid dividends of $23,000 in 20X8. (Leave no cell blank, enter "0" wherever required.)

Reference no: EM131750042

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